What adjustments, if any, should be made in the financial statements
of ABC Co relating to this inventory?
A
No adjustments required
B
Increase the value of inventory by $10,000
C
Decrease the value of inventory by $10,000
D
Decrease the value of inventory by $20,000
78 Cowper Co incurred costs of $20,000 researching new cleaning chemicals
during the year ended 31 December 2005. It also incurred expenditure of
$40,000 developing a new cleaning product which will not go into
commercial production until next year. The development project meets the
criteria specified in IAS 38 Intangible Assets.
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