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QUESTION 1 (IAS 2) (30) Part a According to IAS 2 Inventories the general rule for valuation of inventories is that inventori

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A B C D
N Number of units in inventory 15000 2000 5500 100
A Selling Price per unit $8,000 $15,000 $10,000 $25,000
B Purchase Price per unit $5,000 $7,000 $8,000 $15,000
C Value added tax $1,000 $2,000 $3,000 $4,000
D=C/N Value added tax per unit $0.07 $1.00 $0.55 $40.00
E Agents commission per unit $50 $30 $25 $70
F Transportation cost per unit $50 $50 $50 $50
G Import duty per unit $500 $1,000 $1,500 $2,000
H=B+D+E+F+G Total Cost per unit $5,600.07 $8,081.00 $9,575.55 $17,160.00
I=H*N Value to be reflected in Financial Statement $84,001,000 $16,162,000 $52,665,500 $1,716,000
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