On 31 December 2020, a company has semi-finished inventory with a cost to date of OMR 63,500. It is expected that further costs of OMR 13,800 will be incurred in order to complete the inventory. It will then be sold for OMR 112,000. Selling costs will be OMR 6,000 and an agent commission to sell inventory is OMR 3,200. The net realizable value and cost of this inventory at 31 December 2020 are:
On 31 December 2020, a company has semi-finished inventory with a cost to date of OMR 63,500. It is expected that further costs of OMR 13,800 will be incurred in order to complete the inventory. It will then be sold for OMR 112,000. Selling costs will be OMR 6,000 and an agent commission to sell inventory is OMR 3,200. The net realizable value and cost of this inventory at 31 December 2020 are:
Chapter10: Inventory
Section: Chapter Questions
Problem 2TP: Assume your company uses the periodic inventory costing method, and the inventory count left out an...
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