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IAS 2 Inventory

This topic has 2 replies, 2 voices, and was last updated 5 years ago by mercyhk.

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August 15, 2019 at 2:36 am #527673
mercyhk
Participant
- Topics: 2
- Replies: 2
Hey,
May l please ask why in the calculation of Production process 1st stage, we used the cost of $1000 instead of the new one of $950?, as we did with the finished product from $1700 to $1450.
Many thanks,
Mercy
August 18, 2019 at 7:56 am #527934
P2-D2
Keymaster
- Topics: 4
- Replies: 7090
Hi,
The NRV is 940, which is lower than the 950 and hence we use this as the value of the inventory.
Thanks
August 19, 2019 at 7:45 pm #528136
mercyhk
Participant
- Topics: 2
- Replies: 2
l was asking about the 1st stage production calculation to which the figures relate to, hence why l asked why we do not use the lower which is 950, but we calculated work in progress using the given 1000
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