Question
Novak Corporation has the following four items in its ending inventory: Item Cost Estimated Selling Price Estimated Disposal Costs Neutrinos $ 1,820 $2,100 $98 Ocillinos
Novak Corporation has the following four items in its ending inventory:
| Item | Cost | Estimated Selling Price | Estimated Disposal Costs | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Neutrinos | $ | 1,820 | $2,100 | $98 | |||||
| Ocillinos | 5,070 | 4,970 | 96 | ||||||
| Electrons | 4,270 | 4,605 | 196 | ||||||
| Protons | 3,300 | 4,310 | 97 | ||||||
Assume that Novak is a public company using IFRS. Determine the total value of ending inventory, using the lower of cost and net realizable value model applied on an individual item basis.
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DCAA Contract Audit Manual Volume 1
Authors: Defense Contract Audit Agency
1st Edition
B08HTL19V5, 979-8684992995
