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Amit buys machines, which he repairs and then sells. He has the following information about a machine which is being repaired at 30 November: Cost of machine Cost of repairs to date Cost of further repairs before sale Expected sale proceeds $17,130 $ 2,465 $ 1,720 $21,160 What is the inventory value of the machine in Amit's statement of financial position at 30 November?

Amit buys machines, which he repairs and then sells. He has the following information about a machine which is being repaired at 30 November: Cost of machine Cost of repairs to date Cost of further repairs before sale Expected sale proceeds $17,130 $ 2,465 $ 1,720 $21,160 What is the inventory value of the machine in Amit's statement of financial position at 30 November?

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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7.9. Example 9- Subsequent Measurement of Inventory Amit buys machines, which he repairs and then sells. He has the following information about a machine which is being repaired at 30 November: Cost of machine Cost of repairs to date Cost of further repairs before sale Expected sale proceeds $17,130 $ 2,465 $ 1,720 $21,160 What is the inventory value of the machine in Amit's statement of financial position at 30 November?
Transcribed Image Text:7.9. Example 9- Subsequent Measurement of Inventory Amit buys machines, which he repairs and then sells. He has the following information about a machine which is being repaired at 30 November: Cost of machine Cost of repairs to date Cost of further repairs before sale Expected sale proceeds $17,130 $ 2,465 $ 1,720 $21,160 What is the inventory value of the machine in Amit's statement of financial position at 30 November?
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