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Your client provides the following data (all GST e...

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Your client provides the following data (all GST exclusive) Inventory item: Mattress Inventory Qty: 250 Expected selling price: $100 Cost of purchase: $54 Selling cost: $2 Freight outwards: $ 10 Now answer question 3 and 4. Question 3 Marks: 1 Calculate the net realisable value of the inventory items: Answer: Question 4 Marks: 1 Explain why under current Australian Accounting Standards it is a requirement that the value of inventories must be stated at net realisable value if this is lower than cost. Answer:

 

Paper#5965 | Written in 18-Jul-2015

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