Question: Shoppers Drug Mart as described in Note 1 to its

Shoppers Drug Mart, as described in Note 1 to its financial statements, is a "licensor of 1,199 Shoppers Drug Mart®lPharmaprix® full-service retail drug stores across Canada." Shoppers' financial statements for its annual period ended December 31, 2011, are in Appendix 5B.
(a) How much inventory does Shoppers have at December 31, 2011, and January 1, 2011? Identify the types of inventory that Shoppers report on its December 31, 2011 balance sheet. How much was recognized as an expense in the year? What comments can you make about the inventory held at the end of the reporting period?
(b) Describe the accounting policies for inventory. Is there any additional information you would like to know? Were there any adjustments required to inventory on conversion to IFRS from Canadian GAAP?

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