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SECTION B: SHORT ANSWER QUESTIONS Total Number of Questions: 2 Total Marks: 30 Answer all of the questions below. Show your workings as marking will be awarded for working shown. Question 1 (15 marks) Question 1 Part 1 (10 marks) A company reported the following data related to its ending inventory: Product Units Available Cost NRV 849 842 847 860 100 75 60 40 $9 16 15 15 $12 13 12 22 Requirements: Calculate the lower of cost and net realizable value on the inventory applied separately to each product. Question 1 Part 2 (5 marks) Explain goodwill and how/when to show in the financial statements. Leona recently received valuation notices from experts stating that her company is worth much more than her book value. She decides to record the difference as non- purchased goodwill. Is this correct and why? CONTINUE NEXT PAGE