Acca financial Accounting (FA) Study Text ac ca (FA)

What was the value of closing inventory at 30 June 20X5? 

 

 

Test your understanding 7 

 

Hurricane, an entity, had 1,500 units of product Y at 30 June 20X8. The 

product had been purchased at a cost of $30 per unit and normally sells 

for $40 per unit. Recently, product Y started to deteriorate and can now 

be sold for only $38 per unit, provided that some rectification work is 

undertaken at a cost of $10 per unit. 

What was the value of inventory at 30 June 20X8? 

 

 

Test your understanding 8 

 

According to IAS 2 Inventories, the items that may be included in 

computing the value of an inventory of finished goods manufactured by a 

business are clearly specified. 

Which one of the following lists consists only of items which may 

be included in the statement of financial position value of such