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S sells three products - Basic, Super and Luxury. The following information was available at the year end. Basic Super

Luxury

$ per unit $ per un $

per unitOriginal cost 6 9 18

Estimated selling price 9 12 15

Selling and distribution costs 1 4 5

units units unitsUnits of inventory 200 250 150

What is the value of inventory at the year end?

A

$4,200

B

$4,700

C

$5,700

D

$6,150

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Chapter7Inventory

$

Basic 6 200

Super 1,2008

Luxury 250

Lower of cost & NRV 2,00010

Units 150

Value 1,500

4,700

多做几道

Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal

use?

A

The fair presentation concept

B

The accruals concept

C

The going concern concept

D

The business entity concept

Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal

use?

A

The fair presentation concept

B

The accruals concept

C

The going concern concept

D

The business entity concept

According to the IASB's Conceptual Framework for Financial Reporting, which TWO of the following are part of faithful

representation?1 It is neutral2 It is relevant3 It is presented fairly4 It is free from material error

A

1 and 2

B

2 and 3

C

1 and 4

D

3 and4

Which of the following accounting concepts means that similar items should receive a similar accounting treatment?

A

Going concern

B

Accruals

C

Matching

D

Consistency

Listed below are some characteristics of financial information.1 Relevance2 Consistency3 Faithful representation4 Accuracy

Which of these are qualitative characteristics of financial information according to the IASB's Conceptual Framework for

Financial Reporting?

A

1 and 2 only

B

2 and 4 only

C

3 and 4 only

D

1 and 3 only

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