At what amount should inventory of product W32 be recognised in the financial statements of LM ltd as at 31 March 2015?
At what amount should inventory of product W32 be recognised in the financial statements of LM ltd as at 31 March 2015?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 2RE: On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the...
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At 31 March 2015 LM ltd had 12,000 units of product W32 in inventory, included at cost of GHS6 per unit. During April and May 2015 units of W32 were being sold at a price of GHS5.40 each, with sales staff receiving a 15% commission on the sales price of the product. At what amount should inventory of product W32 be recognised in the financial statements of LM ltd as at 31 March 2015?
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