A fire occurred in the factory premises on October 31, 2003. The accounting records have been destroyed.

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A fire occurred in the factory premises on October 31, 2003. The accounting records have been destroyed. Certain accounting records were kept in another building. They reveal the following for the period September 1, 2003 to October 31, 2003.

The loss is fully covered by insurance company. The insurance company wants to know the historical cost of the inventories as a basis for negotiating a settlement, although the settlement is actually to be based on replacement cost, not historical cost.


Required

(i) Finished goods inventory, 31.10.2003
(ii) Work-in-process inventory, 31.10.2003
(iii) Direct materials inventory, 31.10.2003

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Related Book For  answer-question

Cost Accounting

ISBN: 9780070221628

4th Edition

Authors: Jawahar Lal, Seema Srivastava

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