9. An entity's accounting year ends on December 31, and it is currently preparing interim financial statements for the half year to June 30, 2010. The price of its product tends to vary. At June 30, 2010, it has inventories of 100,000 units, at a cost per unit of PI4. The net realizable at June 30, 2010 is P12 per unit. The expected net realizable value of these inventories at December 31, 2010 is P15.50 per unit. At what amount should these inventories be presented in the interim statement of financial position at June 30, 2010? a. P1,200,000 b. P1,375,000 c. P1,400,000 d. P1,550,000

9. An entity's accounting year ends on December 31, and it is currently preparing interim financial statements for the half year to June 30, 2010. The price of its product tends to vary. At June 30, 2010, it has inventories of 100,000 units, at a cost per unit of PI4. The net realizable at June 30, 2010 is P12 per unit. The expected net realizable value of these inventories at December 31, 2010 is P15.50 per unit. At what amount should these inventories be presented in the interim statement of financial position at June 30, 2010? a. P1,200,000 b. P1,375,000 c. P1,400,000 d. P1,550,000

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter9: Working Capital

Section: Chapter Questions

Problem 14E

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