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Peter has two items of inventory at 31 December 2022, as shown below: P Q £ £ Cost 60, 000 40,000 Estimated selling price 63,200 44,000 Additional costs to be incurred in selling 3, 600 3, 600 What is the total amount that should be included in inventories under IAS2 Inventories? a) £100, 000 b) £99, 600 c) £103,600 d) £103, 20

Peter has two items of inventory at 31 December 2022, as shown below: P Q £ £ Cost 60, 000 40,000 Estimated selling price 63,200 44,000 Additional costs to be incurred in selling 3, 600 3, 600 What is the total amount that should be included in inventories under IAS2 Inventories? a) £100, 000 b) £99, 600 c) £103,600 d) £103, 20

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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Peter has two items of inventory at 31 December 2022, as shown below: P Q £ £ Cost 60, 000 40,000 Estimated selling price 63,200 44,000 Additional costs to be incurred in selling 3, 600 3, 600 What is the total amount that should be included in inventories under IAS2 Inventories? a) £100, 000 b) £99, 600 c) £103,600 d) £103, 20
Transcribed Image Text:Peter has two items of inventory at 31 December 2022, as shown below: P Q £ £ Cost 60, 000 40,000 Estimated selling price 63,200 44,000 Additional costs to be incurred in selling 3, 600 3, 600 What is the total amount that should be included in inventories under IAS2 Inventories? a) £100, 000 b) £99, 600 c) £103,600 d) £103, 20
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