Item 13 A company has determined its year-end inventory on a FIFO basis to be $530,000. Information pertaining to that inventory is as follows: Selling price $ 535,000 Costs to sell 37,500 Replacement cost 462,500 What should be the reported value of inventory if the company prepares its financial statements according to International Financial Reporting Standards (IFRS)?

Item 13 A company has determined its year-end inventory on a FIFO basis to be $530,000. Information pertaining to that inventory is as follows: Selling price $ 535,000 Costs to sell 37,500 Replacement cost 462,500 What should be the reported value of inventory if the company prepares its financial statements according to International Financial Reporting Standards (IFRS)?

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 67P

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Item 13

A company has determined its year-end inventory on a FIFO basis to be $530,000. Information pertaining to that inventory is as follows:

Selling price	$ 535,000
Costs to sell	37,500
Replacement cost	462,500

What should be the reported value of inventory if the company prepares its financial statements according to International Financial Reporting Standards (IFRS)?

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