75,000.00 4,500.00 Problem 1A A company makes candles and has the following costs for year 1: Material Costs Wax and other material used in production Excess material wasted from machine break down Subtotal material Factory wages related to production Finished goods storage costs Allocated Fixed Overhead Variable Overhead Subtotal Factory Costs Billing clerk wages for sending invoices to customers Grand Total Costs 79,500.00 55,000.00 15,000.00 2,700.00 1,800.00 154,000.00 7,500.00 161,500.00 According to IAS 2. What is the total Inventory Cost? Problem 18 At the end of the first quarter of year 2, the candle company's Controller reviews the following information Historical cost of inventory 147,950.00 Cost of completing WIP inventory 22,000.00 Estimated cost to sell inventory 5,000.00 Estimated selling price of inventory 190,000.00 Based on IAS 2, should the candle company make an adjustment to the Inventory account? Problem 10 At the end of the second quarter of year 2, the Controller updates the estimates since last quarter Carrying cost of inventory $ 162,745.00 Cost of completing WIP inventory 17,000.00 Estimated cost to sell Inventory 5,000.00 Estimated selling price of inventory 175,000.00 Based on IAS 2, should the candle company make an adjustments to the Inventory account? Problem 10 At the end of the third quarter of year 2, the sales price of the inventory Increased. Carrying cost of inventory $ 153,000.00 Cost of completing WIP inventory 17,000,00 Estimated cost to sell Inventory 5,000.00 Estimated selling price of inventory 180,000.00 7 Since the company wrote down it's Inventory in the prior period, does the company need to reverse any portion of the Inventory loss from 027