TASK 4: In addition to the inventory data provided under TASK 3, Island Solutions accountant has...

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TASK 4: In addition to the inventory data provided under TASK 3, Island Solutions accountant has made the following projections in light of the market changes. Expected Unit Selling Price (net of cost to sell) Costs to Complete USB-C (TA3) HUB $580 30 USB-C (TB3) HUB $1 050 150 1. Assume that Island Solutions applies LCNRV at the individual product level, determine the value of inventory that should be reported on the statement of financial position on September 30, 2023. 7m 2. Assume Island Solutions applies LCNRV at the major group level and for this purpose places TA3 and TB3 Hubs in one major group, determine the value of inventory that should be reported on the statement of financial position on September 30, 2023. 2 m TASK 5: Explain two (2) similarities and three (3) differences between IFRS and US GAAP with respect to accounting for inventories. 10 m TASK 4: In addition to the inventory data provided under TASK 3, Island Solutions accountant has made the following projections in light of the market changes. Expected Unit Selling Price (net of cost to sell) Costs to Complete USB-C (TA3) HUB $580 30 USB-C (TB3) HUB $1 050 150 1. Assume that Island Solutions applies LCNRV at the individual product level, determine the value of inventory that should be reported on the statement of financial position on September 30, 2023. 7m 2. Assume Island Solutions applies LCNRV at the major group level and for this purpose places TA3 and TB3 Hubs in one major group, determine the value of inventory that should be reported on the statement of financial position on September 30, 2023. 2 m TASK 5: Explain two (2) similarities and three (3) differences between IFRS and US GAAP with respect to accounting for inventories. 10 m

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TASK 4 1 To determine the value of inventory that should be reported on the statement of financial position on September 30 2023 assuming that Island ... View the full answer