Units Cost per Unit ($) aw materials 5 000 25 "ork in progress 2 000 30 nished goods 1 000 35 nished items usually sell for $50 per unit. However, water damage caused by improper storage of inventory will mean that 300 units of finished goods will be sold at 60% of the normal selling price less costs to sell of $5 per item. equired: accordance with IAS 2 Inventories, at what amount should inventories be stated in the statement of financial position of Massy Estate at 30 September 2021. Complete the schedule provided. Units Cost ($) NRV ($) Total ($) aw materials: "ork in progress:

Units Cost per Unit ($) aw materials 5 000 25 "ork in progress 2 000 30 nished goods 1 000 35 nished items usually sell for $50 per unit. However, water damage caused by improper storage of inventory will mean that 300 units of finished goods will be sold at 60% of the normal selling price less costs to sell of $5 per item. equired: accordance with IAS 2 Inventories, at what amount should inventories be stated in the statement of financial position of Massy Estate at 30 September 2021. Complete the schedule provided. Units Cost ($) NRV ($) Total ($) aw materials: "ork in progress:

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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