- This topic has 1 reply, 2 voices, and was last updated 7 years ago by .
- You must be logged in to reply to this topic.
Congratulations to Jamil from Pakistan and Jeeva from Malaysia - Global Prize winners!
see all ACCA December 2022 Genius Hunt Competition winners >>
Specially for OpenTuition students: 20% off BPP Books for ACCA & CIMA exams – Get your BPP Discount Code >>
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?
Calculate 70% of sales
Sales = 280,0000
Less commission (15%*280,000)=42,000
cost of inventory
Closing inventory 460k- 322k