(b) During the inventory count on 31 December, some goods which had cost $80,000 were found to be damaged.In February 2005 the damaged goods were sold for $85,000 by an agent who received a 10% commission outof the sale proceeds. (2 marks)Required:Advise - 题多多

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题目

(b) During the inventory count on 31 December, some goods which had cost $80,000 were found to be damaged.

In February 2005 the damaged goods were sold for $85,000 by an agent who received a 10% commission out

of the sale proceeds. (2 marks)

Required:

Advise the directors on the correct treatment of these matters, stating the relevant accounting standard which

justifies your answer in each case.

NOTE: The mark allocation is shown against each of the three matters.

参考答案和解析

正确答案：
(b) The inventories should be valued at the lower of cost and net realisable value. Cost is $80,000, net realisable value is
$85,000 less 10%, or $76,500. The net realisable value of $76,500 should therefore be taken (IAS2 Inventories)

更多“(b) During the inventory count on 31 December, some goods which had cost $80,000 were found to be damaged.In February 2005 the damaged goods were sold for $85,000 by an agent who received a 10% commission outof the sale proceeds. (2 marks)Required:Advise ”相关问题

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