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Q5: Twin Furniture's is a locall office furniture manufacturing organization. Selected information on the company's financial positions given and you are required to prepare the current asset section for the organization. Inventories Type Historical Cost Current Cost Finished Goods 24,000 24,000 Work in Process 50,000 60,000 Raw Material 10,000 9,000 Cashm37.000 Cash Equivalents 10,000 Restricted cash included in the cash balance 5,000 Customer Advance 21,000 Allowance for doubtful accountm2.000 Supplies Expense 2,500 Note Receivable (to be received in 6 months) 80,000 Account Receivable (included a pledge of 20.000 with creditor) 65.000 Required: 1. Prepare the current asset section for the given information (4 marks) 2. What is the use of historical cost and current cost in determining the inventory value? (2 marks) 3. If you have subtracted restricted cash from cash balance than what is the reason for this? (2 marks)