A company has a stock of goods consisting of four different groups of items. The cost and
Question:
A company has a stock of goods consisting of four different groups of items. The cost and net realizable value of each group is shown in the table below.
Required
Calculate the amount to be shown as the value of the company's stock?
Transcribed Image Text:
Net realisable value Group of items Cost 1,000 1,000 2,100 3,000 1,400 A B 800 1,900 3,100
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 76% (13 reviews)
According to IAS 2 closing inventory should be valued at lower of ...View the full answer
Answered By
Ali Khawaja
my expertise are as follows: financial accounting : - journal entries - financial statements including balance sheet, profit & loss account, cash flow statement & statement of changes in equity -consolidated statement of financial position. -ratio analysis -depreciation methods -accounting concepts -understanding and application of all international financial reporting standards (ifrs) -international accounting standards (ias) -etc business analysis : -business strategy -strategic choices -business processes -e-business -e-marketing -project management -finance -hrm financial management : -project appraisal -capital budgeting -net present value (npv) -internal rate of return (irr) -net present value(npv) -payback period -strategic position -strategic choices -information technology -project management -finance -human resource management auditing: -internal audit -external audit -substantive procedures -analytic procedures -designing and assessment of internal controls -developing the flow charts & data flow diagrams -audit reports -engagement letter -materiality economics: -micro -macro -game theory -econometric -mathematical application in economics -empirical macroeconomics -international trade -international political economy -monetary theory and policy -public economics ,business law, and all regarding commerce
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Managerial Accounting questions
-
A simple network consisting of four activities has the following network diagram: The cost/ time relationships for the activities are shown in the table below: For example, if completed in 5 weeks,...
-
A company has common stock and cumulative preferred stock. The preferred stock is 4%, $10 par, and there are 25,000 shares outstanding. The company didn't pay dividends in the previous two years. In...
-
A company wishes to maintain a capital structure consisting of 20% debt, 40% Preferred Stock, and 40% Common Stock. The before tax cost of the debt is 6%, the cost of the Preferred Stock is 9% and...
-
Case 2: Company DEF I have 20 staff, with 2 groups rotating the shift. Group 1: - working 6 days in week 1 and week 3. - Working 5 days in week 2 and week 4 Group 2: - working 6 days in week 2 and...
-
A storage battery with emf = 2.6 V loaded with an external resistance produces a current l = 1.0 A. In this case the potential difference between the terminals of the storage battery equals V = 2.0...
-
When a microorganism moves in a viscous fluid, inertia (fluid density) has a negligible influence on the organisms drag force. These are called creeping flows. The only important parameters are...
-
The numbers of leaves availed by a sample of 20 executives in a recent year Use technology to draw a box-and-whisker plot that represents the data set. 4 3 5 6 7 9 11 453 96 15 264 7 11 59
-
For three generations, the Dexter family has sent its children to Private University, preparing them for successful professional careers. The Edna Dexter Trust was established in the 1950s by...
-
Cobalt Industries produces widgets. The 2023 budget and actuals were as follows: Budget Actual Production and sales (units) 6,000 5,400 Sales Revenue $ 1,380,000 $ 1,296,000 Variable costs $ 660,000...
-
Carl owns 100% of the common shares of Extra Ltd., a Canadian-controlled private corporation operating a wholesale business in eastern Canada. Extras fiscal year end is May 31, 20X8. It is now April...
-
During its first month of operations, a business made purchases and sales as shown in the table below: All sales were made at £2 each. Required Calculate the profit for the month and the stock...
-
A fire destroyed a company's detailed stock records and much of the merchandise held in stock. The company accountant was able to discover that stock at the beginning of the period was 40,000,...
-
How might centralization or decentralization affect the job characteristics specified in job design?
-
If you have an image of China of cloth-capped workers slaving away in state-owned enterprises you had better think again. If the demand for luxury brands is anything to go by, with up to 25 per cent...
-
Discuss the relationship between product adopter categories and the stages of the PLC. What are the implications for the marketer?
-
What are the main differences between B2B and consumer buying behaviour?
-
Why is the question, What business are we in? so important? How might (a) a fast-food retailer; (b) a national airline; (c) a car manufacturer; and (d) a hairdresser answer that question if it was...
-
Evaluate the appropriateness of each of the different interview and survey-based primary research methods for: (a) investigating the buying criteria used by B2B purchasers; (b) defining the attitudes...
-
The financial statements of Apple are presented in Appendix D. The complete annual report, including the notes to its financial statements, is available at the companys website. Instructions Visit...
-
A bar of a steel alloy that exhibits the stress-strain behavior shown in Figure 6.22 is subjected to a tensile load; the specimen is 375 mm (14.8 in.) long and has a square cross section 5.5 mm (0.22...
-
How does a five-year summary of historical results help investors?
-
Suggest, three KPIs for each of the following types of business, and explain why it is unlikely that two businesses will choose identical KPIs. (a) A private hospital (b) A car repair garage (c) A...
-
Suggest, three KPIs for each of the following types of business, and explain why it is unlikely that two businesses will choose identical KPIs. (a) A private hospital (b) A car repair garage (c) A...
-
Given the matrix A -3 0 -14 3 4 6 9115 7701 a) Determine all solutions of the homogeneous system Ax = 0. b) Determine if the columns of A span R.
-
Summarize each data source and include them for substance abuse and alcohol in the military. Analyze each data source for substance abuse and alcohol in the military for trustworthiness and accuracy....
-
On January 1, 2023, Holland Corporation paid $7 per share to a group of Zeeland Corporation shareholders to acquire 60,000 shares of Zeeland's outstanding voting stock, representing a 60 percent...
Study smarter with the SolutionInn App