6.3 The closing inventory at cost of a company at 31 January 20X3 amounted to $284,700. The following items were included at cost in the total: 1 400 coats, which had cost $80 each and normally sold for $150 each. Owing to a defect in manufacture, they were all sold after the reporting date at 50% of their normal price. Selling expenses amounted to 5% of the proceeds. 800 skirts, which had cost $20 each. These too were found to be defective. Remedial work in February 20X3 cost $5 per skirt, and selling expenses for the batch totalled $800. They were sold for $28 each. What should the inventory value be according to IAS 2 Inventories after considering the above items? 2 8 0 $281,200 $282,800 $329,200 None of these (2 marks)

3 The closing inventory at cost of a company at 31 January 203 amounted to $284,700. The following items were included at cost in the total: 1400 coats, which had cost $80 each and normally sold for $150 each. Owing to a defect in manufacture, they were all sold after the reporting date at 50% of their normal price. Selling expenses amounted to 5% of the proceeds. 2800 skits, which had cost $20 each. These too were found to be cefective. Rernedial work in February 203 cost $5 per skirt, and selling expenses for the batch totalled $800. They were sold for $28 each. What should the inventory value be according to IAS 2 Iavertorits after considering the above iterns? A $281,200 $282,800 4230.200 None of these (2 marks)