In its 2019 annual report, the Unilever Group, which published IFRS-based financial statements, reported the following in
Question:
In its 2019 annual report, the Unilever Group, which published IFRS-based financial statements, reported the following in the inventory footnote (in million euros).
"During 2019, a total expense of 363 million euros was recognized on the income statement for inventory write downs and losses."
a. Is Unilever a manufacturer or a retailer, and how do you know?
b. Does Unilever use the FIFO or LIFO inventory assumption, and how do you know?
c. What is an inventory write-down? Record the entries made by Unilever at the end of 2019 for the write-down.
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a Based on the categories of inventory reported in the footnote Unilever is both a manufacturer raw ...View the full answer
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