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On 1 January 2018, GP LLC purchased 15,000 tons of raw material and recorded inventory at 10,000 USD cost per ton, which included deferral of payment to supplier for three months for an additional charge of 10 million USD and 50 million USD import taxes, 20 million USD bonus to CEO for best price attained, and 15 million USD transportation costs. Average selling cost of inventory remained 1,500 USD per ton throughout the year.
Additional information:
Dates 01.01.2018
Remaining balance (in units) 15,000
Selling price (in $) 12,500
31.03.2018 12,000 10,500
30.06.2018 9,000 8,500
30.09.2018 6,000 9,500
31.12.2018 3,000 6,500
Required:
Question 1: Compute the closing inventory on each date shown in the above table and respective gains and losses from fluctuations in NRV.
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