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God is love has the following inventory at the end of 2019                                                         UNIT COST PER UNIT Raw material                           500 2.5 WIP 2000 30 Finished goods        1000 35  Finished item is usually sell per $5 per unit. However water damage caused by improper storage of inventory will mean that 300 unit of finished goods will be sold at 60% of normal selling less cost, to sell of $ 5 per item. A further $5.5 is still to be incurred to finished off the item of WIP. In accordance IAS 2 at what amount should inventory be stated in statement of financial position as at the end of 2019

God is love has the following inventory at the end of 2019                                                         UNIT COST PER UNIT Raw material                           500 2.5 WIP 2000 30 Finished goods        1000 35  Finished item is usually sell per $5 per unit. However water damage caused by improper storage of inventory will mean that 300 unit of finished goods will be sold at 60% of normal selling less cost, to sell of $ 5 per item. A further $5.5 is still to be incurred to finished off the item of WIP. In accordance IAS 2 at what amount should inventory be stated in statement of financial position as at the end of 2019

EBK CFIN
EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter15: Managing Short-term Assets
Section: Chapter Questions
Problem 19PROB
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God is love has the following inventory at the end of 2019

                                                       

UNIT

COST PER UNIT

Raw material                          

500

2.5

WIP

2000

30

Finished goods       

1000

35

 Finished item is usually sell per $5 per unit.

However water damage caused by improper storage of inventory will mean that 300 unit of finished goods will be sold at 60% of normal selling less cost, to sell of $ 5 per item. A further $5.5 is still to be incurred to finished off the item of WIP. In accordance IAS 2 at what amount should inventory be stated in statement of financial position as at the end of 2019

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