Question 27 (14 points) The following is a list of items that may or may not be reported as inventory on a balance sheet: 1. Goods out on consignment at another company's store 2. Goods sold on an instalment basis 3. Goods purchased f.o.b. shipping point that are in transit at December 31 4. Goods purchased f.o.b. destination that are in transit at December 31 5. Goods sold to another company, having signed an agreement to repurchase the goods at a set price that covers all costs related to the inventory 6. Goods sold where large returns are predictable 7. Goods sold f.o.b. shipping point that are in transit at December 31 8. Freight charges on goods purchased 9. Freight charges on goods sold 10. Factory labour costs incurred on goods that are still unsold 12. Costs incurred to advertise goods held for resale 13. Materials on hand and not yet placed into production by a manufacturing firm 14. Supplies used in the office 15. Raw materials on which a manufacturing firm has started production, but which are not completely processed 16. Manufacturing supplies 17. Goods held on consignment from another company 18. Goods held on consignment by another company 19. Costs identified with units completed by a manufacturing firm, but not yet sold foh destination that are in transit at December 31 10. Goods held on consignment by another company 19. Costs identified with units completed by a manufacturing firm, but not yet sold 20. Goods sold f.o.b. destination that are in transit at December 31 22. Costs of uncleared land to be developed by a property development company 23. Cost of normal waste or spoilage of raw materials during production 24. Cost of waste and spoilage experienced above normal levels--that is, abnormal levels of waste of raw materials 25. Costs to store excess materials inventory for a manufacturer 26. Costs to store wine as it ages for a wine producer 27. Decommissioning costs incurred as a part of the extraction of minerals Assume a calendar year-end where necessary, Required: Assuming that ASPE is followed, list which of these items would typically be reported as inventory in the financial statements. Note: Please list only items that should be included. If you list an item that should be excluded, points will be taken off. Note: For convenience, you are permitted to list only the item number (e.g., 1, 2, 3). How might your answer to the previous question be different under IFRS? Question 27 (14 points) The following is a list of items that may or may not be reported as inventory on a balance sheet: 1. Goods out on consignment at another company's store 2. Goods sold on an instalment basis 3. Goods purchased f.o.b. shipping point that are in transit at December 31 4. Goods purchased f.o.b. destination that are in transit at December 31 5. Goods sold to another company, having signed an agreement to repurchase the goods at a set price that covers all costs related to the inventory 6. Goods sold where large returns are predictable 7. Goods sold f.o.b. shipping point that are in transit at December 31 8. Freight charges on goods purchased 9. Freight charges on goods sold 10. Factory labour costs incurred on goods that are still unsold 12. Costs incurred to advertise goods held for resale 13. Materials on hand and not yet placed into production by a manufacturing firm 14. Supplies used in the office 15. Raw materials on which a manufacturing firm has started production, but which are not completely processed 16. Manufacturing supplies 17. Goods held on consignment from another company 18. Goods held on consignment by another company 19. Costs identified with units completed by a manufacturing firm, but not yet sold foh destination that are in transit at December 31 10. Goods held on consignment by another company 19. Costs identified with units completed by a manufacturing firm, but not yet sold 20. Goods sold f.o.b. destination that are in transit at December 31 22. Costs of uncleared land to be developed by a property development company 23. Cost of normal waste or spoilage of raw materials during production 24. Cost of waste and spoilage experienced above normal levels--that is, abnormal levels of waste of raw materials 25. Costs to store excess materials inventory for a manufacturer 26. Costs to store wine as it ages for a wine producer 27. Decommissioning costs incurred as a part of the extraction of minerals Assume a calendar year-end where necessary, Required: Assuming that ASPE is followed, list which of these items would typically be reported as inventory in the financial statements. Note: Please list only items that should be included. If you list an item that should be excluded, points will be taken off. Note: For convenience, you are permitted to list only the item number (e.g., 1, 2, 3). How might your answer to the previous question be different under IFRS