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Inventory

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Inventory

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by John Moffat.
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    Posts
  • March 8, 2016 at 7:51 am #304287
    shuwentong
    Member
    • Topics: 18
    • Replies: 2
    • ☆

    The closing inventory of X amounted to $116,400 excluding the following two inventory lines:
    1 400 items which had cost $4 each. All were sold after the reporting period for $3 each, with selling expenses of $200 for the batch.
    2 200 different items which had cost $30 each. These items were found to be defective at the end of the reporting period. Rectification work after the statement of financial position amounted to $1,200, after which they were sold for $35 each, with selling expenses totalling $300.
    Which of the following total figures should appear in the statement of financial position of X for inventory?
    A $122,300
    B $121,900
    C $122,900
    D $123,300
    in my view, line 2:(200*30)-300-1200=4500,line1:400*3-200=1000,so the answer is B,but the correct answer is C,i have some doubts

    March 8, 2016 at 11:29 am #304323
    John Moffat
    Keymaster
    • Topics: 56
    • Replies: 51571
    • ☆☆☆☆☆

    The net realisable value for line 2 is (200 x 35) – 300 – 1200 = 5,500.

    So the correct answer is C.

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