Question 2:Given the historical cost of the product, Z is $170, the selling price of product Z is $190, costs to sell product Z are $11, and the cost to complete product Z is $20, what is theamount that should be used to value the inventory under IAS( 2)? va.$170.b.$150.C.$159.d.$139. Answer the following 2 questions:Question1:Ashraf Company began operations in 2020 and determined its ending inventory at cost and at NRV on December 31, 2020, and December 31, 2021. This information ispresented below.CostNet Realizable Value12/31/2020$130,000$110,00012/31/2021230,000265,000

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Description: Question 2:Given the historical cost of the product, Z is $170, the selling price of product Z is $190, costs to sell product Z are $11, and the cost to complete product Z is $20, what is theamount that should be used to value the inventory under IA

Net relizable value of product Z = Selling price - cost to sell - cost to complete = $190 - 11 - 20…

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Question 2: Given the historical cost of the product, Z is $170, the selling price of product Z is $190, costs to sell product Z are $11, and the cost to complete product Z is $20, what is the amount that should be used to value the inventory under IAS( 2)? v a. $170. b. $150. C. $159 d. $139.

Question 2: Given the historical cost of the product, Z is $170, the selling price of product Z is $190, costs to sell product Z are $11, and the cost to complete product Z is $20, what is the amount that should be used to value the inventory under IAS( 2)? v a. $170. b. $150. C. $159 d. $139.

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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