Initial cost of inventories ( 10 marks) The company purchases raw materials for the production of finished products. It is normal for the market to provide a standard grace period of 30 days. The average price at which a company usually buys 1 ton of raw materials is 9500 sums per ton on the market. On December 1, 202, the company entered into an agreement for the supply of these raw materials with a company that is a related party to it. The volume of delivery amounted to 1,000 tons at a price of 11,000 sums per ton, while the contract provides for a payment deferral of 24 months from the date of purchase. Required: - Identity the initial cost of the inventory purchased on December 1, 202 in accordance with IFRS/AS, - Provide the joumal entries for the last procurement; - Calculate the interest expense to be charged monthly on the last procurement in the following accounting period from January 203 to December 204. Initial cost of inventories ( 10 marks) The company purchases raw materials for the production of finished products. It is normal for the market to provide a standard grace period of 30 days. The average price at which a company usually buys 1 ton of raw materials is 9500 sums per ton on the market. On December 1, 202, the company entered into an agreement for the supply of these raw materials with a company that is a related party to it. The volume of delivery amounted to 1,000 tons at a price of 11,000 sums per ton, while the contract provides for a payment deferral of 24 months from the date of purchase. Required: - Identity the initial cost of the inventory purchased on December 1, 202 in accordance with IFRS/AS, - Provide the joumal entries for the last procurement; - Calculate the interest expense to be charged monthly on the last procurement in the following accounting period from January 203 to December 204