During the financial year, the cost of inventory for a particular product is RM 12,000 and it
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Question:
During the financial year, the cost of inventory for a particular product is RM 12,000 and it is expected to be sold at RM 15,000. However, part of the product was damaged and the cost of inventory declined to RM 10,000 in the middle of the year. Raj appointed Zack & Co. to sell the inventories with a given commission of RM 1,000. At the end of the financial year, the inventory had not been sold.
a- Determine the net realizable value of the above inventory
b- Determine the cost of inventory at the end of the financial year
Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
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