Question
According to the proper valuation and allocation assertion to be tested for the balance sheet,and under IFRS, in regards to the ending inventory beloware relevant
According to the proper valuation and allocation assertion to be tested for the balance sheet,and under IFRS, in regards to the ending inventory beloware relevant figures:
Carrying amount or bookvalue of ending inventory QR 75 000
Estimated selling price of such inventory QR 90000
Estimated related cost of such inventory QR10 000
Based on the figures above,what would be the impact on the income statement and balance sheet that the auditorshould confirm?SHOW ALL RELEVANT CALCULATIONS IN YOUR ANSWER AS WELL AS THE RULE YOU HAVE REFERRED TO YOU IN YOUR ANSWER.
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Fundamental Managerial Accounting Concepts
Authors: Thomas P Edmonds, Philip R Olds
9th Edition
1259969509, 9781259969508
