Diamond Estates and Botanicals produces floral arrangements for every occasion. A. At the end of the third quarter of 2021, inventory of Diamond Estates and Botanicals consisted of the following items, for which certain information is provided below. Items Cost ($) Estimated Completion Cost ($) Expected Selling Price ($) Estimated Cost to Sell ($) A101 25 6 40 4 P215 42 12 58 8 R405 120 25 150 15 Q177 18 3 26 2 REQUIRED: In accordance with IAS 2, what unit amount should each item of inventory be valued at for the purpose of preparing interim financial statements at the end of the third quarter. Complete the schedule provided. Items NRV ($) Cost ($) Financial Statement Per Unit Valuation ($) A101 Answer Answer Answer P215 Answer Answer Answer R405 Answer Answer Answer Q177 Answer Answer Answer
Diamond Estates and Botanicals produces floral arrangements for every occasion.
A.
At the end of the third quarter of 2021, inventory of Diamond Estates and Botanicals consisted of the following items, for which certain information is provided below.
|
Items |
Cost ($) |
Estimated Completion Cost ($) |
Expected Selling Price ($) |
Estimated Cost to Sell ($) |
|
A101 |
25 |
6 |
40 |
4 |
|
P215 |
42 |
12 |
58 |
8 |
|
R405 |
120 |
25 |
150 |
15 |
|
Q177 |
18 |
3 |
26 |
2 |
REQUIRED:
In accordance with IAS 2, what unit amount should each item of inventory be valued at for the purpose of preparing interim financial statements at the end of the third quarter. Complete the schedule provided.
|
Items |
NRV ($) |
Cost ($) |
Financial Statement Per Unit Valuation ($) |
|
A101 |
Answer |
Answer |
Answer |
|
P215 |
Answer |
Answer |
Answer |
|
R405 |
Answer |
Answer |
Answer |
|
Q177 |
Answer |
Answer |
Answer |
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