2 Inventories3 Thor company included the following items in inventory:4 Raw materials5 advances for materials ordered6 goods in process7 unexpired insurance on inventory8 advertising catalogs and shipping cartons9 finished goods in factory10 finished goods in retail store11 finished goods in transit to customer, shipped FOB destination12 finished goods out on trial by customers, at cost13 unsaleable finished goods, at cost14 office suppllies15 materials in transit, shipped FOB shipping point, including freight of 30,0001,960,000280,000910,00084,000210,000sales150% 1,050,0002,800,000cost100%525,0001,050,000gp50%525,000560,000350,000140,00056,000504,00016 materials in transit, shipped FOB destination, including freight of 40,000674,0001718 Provide the correct amount of inventory as per PAS 2 Inventories?419

Name: 2 Inventories3 Thor company included the following items in inventory
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Description: 2 Inventories3 Thor company included the following items in inventory:4 Raw materials5 advances for materials ordered6 goods in process7 unexpired insurance on inventory8 advertising catalogs and shipping cartons9 finished goods in factory10 finishe

Raw Material 1,960,000 Advance for material ordered 0 Goods in Process 910,000 Unexpired…

Business

Accounting

Inventories Thor company included the following items in inventory: 1,960,000 280,000 Raw materials advances for materials ordered goods in process unexpired insurance on inventory 910,000 84,000 150% 1,050,000 advertising catalogs and shipping cartons finished goods in factory finished goods in retail store 210,000 sales 2,800,000 cost 100% 525,000 1,050,000 gp 50% 525,000 finished goods in transit to customer, shipped FOB destination finished goods out on trial by customers, at cost unsaleable finished goods, at cost office suppllies 560,000 350,000 140,000 56,000 materials in transit, shipped FOB shipping point, including freight of 30,000 materials in transit, shipped FOB destination, including freight of 40,000 504,000 674,000 Provide the correct amount of inventory as per PAS 2 Inventories? 4

Inventories Thor company included the following items in inventory: 1,960,000 280,000 Raw materials advances for materials ordered goods in process unexpired insurance on inventory 910,000 84,000 150% 1,050,000 advertising catalogs and shipping cartons finished goods in factory finished goods in retail store 210,000 sales 2,800,000 cost 100% 525,000 1,050,000 gp 50% 525,000 finished goods in transit to customer, shipped FOB destination finished goods out on trial by customers, at cost unsaleable finished goods, at cost office suppllies 560,000 350,000 140,000 56,000 materials in transit, shipped FOB shipping point, including freight of 30,000 materials in transit, shipped FOB destination, including freight of 40,000 504,000 674,000 Provide the correct amount of inventory as per PAS 2 Inventories? 4

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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