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inventory accounting problems and solutions?
Question No. 2
Furniture Point is the renowned name in the furniture market. They are dealing in five major wooden components of furniture i.e. sofas, bed sets, dressing tables, dining tables and wardrobes. At 31st December, 2010 the inventory in hand was as follows: Items Quantity (Units) Cost per UnitRs. (000) NRV per Unit Rs. (000) Sofa Set 100 85 98 Dinning Table 150 120 105 Bed 200 150 180 Dressing Table 400 60 55 Wardrobe 450 75 70 Required: Calculate the value of inventory as on December 31, 2010 under IAS 2 – Inventory. Also pass necessary adjusting entries in this regard, if required. |
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