Question 2:Given the historical cost of the product, Z is $170, the selling price of product Z is $190, costs to sell product Z are $11, and the cost to complete product Z is $20, what is theamount that should be used to value the inventory under IAS( 2)? va.$170.b.$150.C.$159.d.$139. Answer the following 2 questions:Question1:Ashraf Company began operations in 2020 and determined its ending inventory at cost and at NRV on December 31, 2020, and December 31, 2021. This information ispresented below.CostNet Realizable Value12/31/2020$130,000$110,00012/31/2021230,000265,000

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Description: Question 2:Given the historical cost of the product, Z is $170, the selling price of product Z is $190, costs to sell product Z are $11, and the cost to complete product Z is $20, what is theamount that should be used to value the inventory under IA

Net relizable value of product Z = Selling price - cost to sell - cost to complete = $190 - 11 - 20…

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Question 2: Given the historical cost of the product, Z is $170, the selling price of product Z is $190, costs to sell product Z are $11, and the cost to complete product Z is $20, what is the amount that should be used to value the inventory under IAS( 2)? v a. $170. b. $150. C. $159 d. $139.

Question 2: Given the historical cost of the product, Z is $170, the selling price of product Z is $190, costs to sell product Z are $11, and the cost to complete product Z is $20, what is the amount that should be used to value the inventory under IAS( 2)? v a. $170. b. $150. C. $159 d. $139.

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

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....

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Quèstion 1 Answer the following 2 questions: Question1: Ashraf Company began operations in 2020 and determined its ending inventory at cost and at NRV on December 31 , 2020, and December 31, 2021. This information is presented below. Cost Net Realizable Value 12/31/2020 $120,000 $110,000 12/31/2021 230,000 265,000 What is the effect of applying LCNRV (lower of cost or net realizable value) on income for 20212 a- No effect b- Increases for $10,000 C- Increases for $35,000 d- Increases for $20,000 Question 2: Given the historical cost of the product, Z is $139, the selling price of product Z is $190, costs to sell product Z are $11, and the cost to complete product Z is $20, what is the amount that should be used to value the inventory under IIAS( 2)? v a. $170. b. $150. C. $159. 11:33 AM C420 37°C Haze 8/28/202 e to search DELL Delete PrtScr Insert F12 F10 F11 F9 F7 F8 F6 F5 F3 Backspace & 8 A
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