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events after reporting period

Forums › ACCA Forums › ACCA FR Financial Reporting Forums › events after reporting period

  • This topic has 1 reply, 2 voices, and was last updated 9 years ago by icanexam.
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  • October 25, 2015 at 6:00 am #278793
    mansoor
    Participant
    • Topics: 423
    • Replies: 541
    • ☆☆☆☆

    this is more of an english question for me… i think:

    a single class of inventory was valued at 460k at 31 mar x9. in april 70% of this inventory was sold for 280k, on which the sales staff earned 15% commission.

    i took it to mean that only 70% of inventory needed a write down to nrv. but the examiner’s comment says that the entire 460k shd be written down.

    how is one supposed to judge this?

    October 25, 2015 at 6:11 am #278795
    icanexam
    Member
    • Topics: 0
    • Replies: 4
    • ☆

    Calculate 70% of sales
    $
    Sales = 280,0000
    Less commission (15%*280,000)=42,000
    = 238,000
    cost of inventory
    70%*460000= 322,000
    Closing inventory 460k- 322k

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