The inventory of Gordon Ltd contains the following items at 30 June 2019. Required (a) Determine the

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The inventory of Gordon Ltd contains the following items at 30 June 2019.

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Required

(a) Determine the ending inventory value at 30 June 2019, applying the lower of cost and net realisable value rule to the individual items.

(b) What effect did application of the rule rather than cost have on the financial statements of the company?

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Financial Accounting

ISBN: 9780730363217

10th Edition

Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie, Andreas Hellmann, Jodie Maxfield

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Question Posted: Mar 09, 2024 06:00 AM

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The inventory of Gordon Ltd contains the following items at 30 June 2019. Required (a) Determine the

Question:

Item type 3011 Quantity 75 2507 30 601 20 4500 50 2825 40 Cost Unit price Net realisable value $ 2.60 $ 3.00 7.00 8.50 30.00 27.00 3.50 2.50 6.00 7.00

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Financial Accounting

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