Ceria Bhd. (Ceria) is a company that imports exquisite tables from China and sells them in Malaysia. On 30 November 2021, Ceria bought five identical exquisite tables from China at a cost of RM100,000 each. Besides, Ceria also has to pay import duties of RM20,000 and freight charges of RM4,400 for this purchase. The exquisite table is estimated to be sold in the market at a profit margin of 20%. Commission of RM550 is to be paid to the salesman for each table sold.

Required: In accordance with IAS 2/ MFRS 102 Inventories, determine the inventory value of the tables purchased on 30 November 2021. (5 marks)

Answer rating: 100% (QA)

To determine the inventory value in accordance with IAS 2MFRS 102 International Accounting Standard... View the full answer