A. B. C. Give a detailed definition of inventory, based on IAS2, Inventories. (6 marks) Use...

  

Transcribed Image Text:

A. B. C. Give a detailed definition of "inventory", based on IAS2, Inventories. (6 marks) Use suitable examples to explain the following terms with regards to IAS 2, Inventories: i. Cost (3 marks) (3 marks) (3 marks) ii. cost of purchase iii. cost of conversion After a year-end stock take, closing inventory for CB Ltd at 2018 December 31, was valued at $243 510. It was discovered that this included $2 410 for items accidentally destroyed on 2019 January 03 and $1 540, related to the cost of damaged inventory which can be reworked at a cost of $200 and can then be sold for $1 230. Calculate the value of closing inventory to be reported in the financial statement of CB Ltd, for year ended 2018 December 31. (5 marks) A. B. C. Give a detailed definition of "inventory", based on IAS2, Inventories. (6 marks) Use suitable examples to explain the following terms with regards to IAS 2, Inventories: i. Cost (3 marks) (3 marks) (3 marks) ii. cost of purchase iii. cost of conversion After a year-end stock take, closing inventory for CB Ltd at 2018 December 31, was valued at $243 510. It was discovered that this included $2 410 for items accidentally destroyed on 2019 January 03 and $1 540, related to the cost of damaged inventory which can be reworked at a cost of $200 and can then be sold for $1 230. Calculate the value of closing inventory to be reported in the financial statement of CB Ltd, for year ended 2018 December 31. (5 marks)

Answer rating: 100% (QA)

A Inventory is defined as assets that are 1 Held for sale in the ordinary course of business 2 In the process of production for sale or 3 In the form ... View the full answer