Transcribed Image Text: Paragraph Sty 6. 1. Toulouse makes three different products. The following table shows the inventory valuation for each of the products under

Transcribed Image Text: Paragraph
Sty
6.
1. Toulouse makes three different products. The following table shows the inventory
valuation for each of the products under different bases.
First-in- frst-out
Last-in- first-out
Net realizable value
Product I
10
11
12
Product II
13
15
14
Product III
9.
31
33
At what value should Toulouse ‘s inventory be stated in accordance with IAS 2
Inventories?
A $28
B $30
C $31
D S32
2. At 30 September 20X1 the closing inventory of a company amounted to $386,400. The
following items were included in this total at cost:
1,000 items which had cost $18 each. These items were all sold in October 20X1for
2415 each, with selling expenses of $800.
Five items which had been purchased for $100 each eight vears ago. These itemswere
sold in October 20X1 for $1,000 each, net of selling expenses.
What figure should appear in the company’s statement of financial position at
32

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