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Calculate the ending inventory value as at march

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Question - CRON Ltd bought and sold 7 models of motor for industrial use under the following brand names: PPP, QQQ, RRR, SSS, TTT, UUU and VVV. On 31 March 2022, which was its financial year end, CRON Ltd had the following quantity of inventory on hand, with its related values shown.

Brand names

Quantity In number of units

Actual cost Per Unit in $

Net Realizable Value Per Unit in $

PPP

20

900

1,800

QQQ

5

600

400

RRR

40

200

200

SSS

80

100

50

TTT

60

50

120

UUU

0

10,000

11,100

VVV

30

200

0

Required -

(a) Calculate the ending inventory value as at 31 March 2022, applying the lower of cost and net realizable value rule to individual inventory items.

(b) What amount should be charged off in the Income Statement for the year ended 31 March 2022, applying this inventory principle?

Reference no: EM133155780

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