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A firm buys and sell two models, P and Q. The following unit’s cost are available (all figures are in GHc and all the cost are borne by the firm).   P Q Purchase 100 200 Delivery cost from supplier 20 30 Delivery costs to customer 22 40 Packaging costs 15 18 Selling price 150 300 Required: calculate the figure to be included in closing inventory for a unit each model, according o IAS 2 Inventories.

A firm buys and sell two models, P and Q. The following unit’s cost are available (all figures are in GHc and all the cost are borne by the firm).   P Q Purchase 100 200 Delivery cost from supplier 20 30 Delivery costs to customer 22 40 Packaging costs 15 18 Selling price 150 300 Required: calculate the figure to be included in closing inventory for a unit each model, according o IAS 2 Inventories.

FINANCIAL ACCOUNTING
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 firm buys and sell two models, P and Q. The following unit’s cost are available (all figures are in GHc and all the cost are borne by the firm).

 

P

Q

Purchase

100

200

Delivery cost from supplier

20

30

Delivery costs to customer

22

40

Packaging costs

15

18

Selling price

150

300

Required: calculate the figure to be included in closing inventory for a unit each model, according o IAS 2 Inventories.

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