I NEED ANSWER FOR 1 & 2

QUESTION 3 Pandai Niaga Sdn Bhd is an importer of furniture located in Kuala Terengganu. In January 2014, the company bought some furniture from Bali, Indonesia amounting to RMI million for resale. Additional costs incurred are import duty RM25, 000, tax RMI0, 000, handling cost RM5,000 and insurance on the purchase RMI 5,000. When the furniture arrived, Encik Ghazali, the owner was unsure of the classification of the furniture which the company had bought and is now held for resale. His account assistant then advised him to classify the furniture as inventory. 1. Identify whether the furniture bought are items of inventories in accordance with MFRS 102 Inventories. (6 marks) 2. Determine the value of closing inventory to be reported in the Statement of Financial Position (in accordance with MFRS 102 Inventories as at 31 December 2014 if the following information was provided: (4 marks) (Total: 10 marks)