Initial cost of inventories

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, 20X2, 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:

a) Identify the initial cost of the inventory purchased on December 1, 20X2 in accordance with IFRS/IAS;

b) Provide the journal entries for the last procurement;

c) Calculate the interest expense to be charged monthly on the last procurement in the following accounting period from January 20X3 to December 20X4.

Please give a reference also!!!!!!!!!!!!!11