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Please type answer C. Closing inventory at year-ended 31 December 2020 amounted to $164,300 valued at cost. Prior to year-end some inventory items were damaged,
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C. Closing inventory at year-ended 31 December 2020 amounted to $164,300 valued at cost. Prior to year-end some inventory items were damaged, and these will require repairs that will cost an estimated $1,280. After being repaired, these items can be sold for 90% of cost. The cost of these damaged items was $2,400. Calculate the value of closing inventories as at 31 December 2020. (3 marks) D. Outline the three major categories of inventories dealt with under IAS2. (3 marks) E. Explain the valuation of inventories that is to be presented in the financial statements based on principle and concepts outlined in IAS2. (4 marks)Step by Step Solution
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