ParagraphSty6.1. Toulouse makes three different products. The following table shows the inventoryvaluation for each of the products under different bases.First-in- frst-outLast-in- first-outNet realizable valueProduct I101112Product II131514Product III9.3133At what value should Toulouse 's inventory be stated in accordance with IAS 2Inventories?A $28B $30C $31D S322. At 30 September 20X1 the closing inventory of a company amounted to $386,400. Thefollowing items were included in this total at cost:1,000 items which had cost $18 each. These items were all sold in October 20X1for2415 each, with selling expenses of $800.Five items which had been purchased for $100 each eight vears ago. These itemsweresold in October 20X1 for $1,000 each, net of selling expenses.What figure should appear in the company's statement of financial position at32

Inventory is defined as the goods bought by the company with the purpose of reselling them for…

1. Toulouse makes three different products. The following table shows the inventory valuation for each of the products under different bases. First-in- first-out 2$ Last-in- first-out 2$ Net realizable value 2$ Product I 10 11 12 Product II 13 15 14 Product III 9. 32 31 33 At what value should Toulouse 's inventory be stated in accordance with IAS 2 Inventories? A $28 B $30 C $31 D $32 1 company amounted to $386.400. The

1. Toulouse makes three different products. The following table shows the inventory valuation for each of the products under different bases. First-in- first-out 2$ Last-in- first-out 2$ Net realizable value 2$ Product I 10 11 12 Product II 13 15 14 Product III 9. 32 31 33 At what value should Toulouse 's inventory be stated in accordance with IAS 2 Inventories? A $28 B $30 C $31 D $32 1 company amounted to $386.400. The

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A v2.cengagenow.com Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10. Market Value per Unit Item Inventory Quantity Cost per Unit (Net Realizable Value) JFW1 58 $29 $24 SAW9 119 15 20 Check My Work Previous Next All work saved. Save and Exit Submit Assignment for Grac %24
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Riverbed Vision Inc. opened for business on Jan 1, and uses a perpetual inventory system. During January, the company had the following purchases and sales for one of its products: Date Jan. 1 7 14 16 17 27 30 Purchases Units 1,414 800 925 517 Unit Cost $25 27 35 28 Sales Units Unit Price 614 1,200 1,507 $95 75 75
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