Question: a) State how closing inventory is to be measured according to IAS 2. b) Using the following information calculate; (i) The value of closing inventory

a) State how closing inventory is to be measured according to IAS 2. b) Using the following information calculate; (i) The value of closing inventory for each of the Phones (Nokia, Sumsung and Motorola). (ii) The total value of all the closing inventories (Nokia, Sumsung and Motorola). Azonto trades in different types of phones on wholesale basis. The following data was extracted at the end of the year 31st December, 2016. Cost per unit Net realisable value per unit Selling price per unit in the market Units in inventory Nokia GH8 GH10 GH12 10,000 Sumsung GH10 GH7.9 GH11 20,000 Motorola GH19 GH15.6 GH14 30,000

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