Item 13   A company has determined its year-end inventory on a FIFO basis to be $530,000. Information pertaining to that inventory is as follows: Selling price $ 535,000 Costs to sell 37,500 Replacement cost 462,500 What should be the reported value of inventory if the company prepares its financial statements according to International Financial Reporting Standards (IFRS)?

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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Item 13

 

A company has determined its year-end inventory on a FIFO basis to be $530,000. Information pertaining to that inventory is as follows:

Selling price $ 535,000
Costs to sell 37,500
Replacement cost 462,500

What should be the reported value of inventory if the company prepares its financial statements according to International Financial Reporting Standards (IFRS)?

 

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