Reference no: EM132920900
Question - LAFOY is startup electric appliance manufacturer which has three main products in the brand of LALALOY - Air conditioners, Washing machines and Refrigerators. In the production of air conditioners and washing machines, LAFOY has to purchase components used in production from various suppliers. For refrigerators, LAFOY imports refrigerators from Vietnam and sells them as the brand of LALALOY.
If you are the head of accounting department of this company, please clearly explain these following issues related to IAS 2 - Inventory.
1) Could you define these three main products as LAFOY's inventory?
2) Explain pros and cons if LAFOY applied the perpetual inventory system to record transactions related to inventory.
3) Explain the most suitable method to compute the cost of three main products.
4) According to 3), define costs which should be included in the cost of three main products.
5) Explain the end-of-period accounting processes which should be applied to LAFOY.
6) According to IAS 2, how does LAFOY report the value of inventory at the end of fiscal year?
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