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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Wildhorse Co. is a retailer operating in Calgary, Alberta. Wildhorse uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Wildhorse for the month of January 2022. Date Description Quantity Unit Cost or Selling Price Dec. 31 Ending inventory 150 $ 20 Jan. 2 Purchase 100 21 Jan. 6 Sale 180 42 Jan. 9 Purchase 70 25 Jan. 10 Sale 60 42 Jan. 23 Purchase 112 26 Jan. 30 Sale 128 49
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