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How much is the cost of the damaged inventories

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Question - Telaga Trading's closing inventories valued at cost RM400,000. 30% of these inventories were damaged by flood, the estimated selling price of these inventories was at RM99,000 after incurred repair expenditure amounted to RM4,000.

The normal selling price of the remaining inventories were RM380,000.

Required -

(i) How much is the cost of the damaged inventories?

(ii) How much is the net realisable value of the damaged inventories?

(iii)Calculate the loss of the above damaged inventories.

(iv) How much is the cost of the remaining good inventories?

(v) How much is the total value of inventories to be recorded in the statement of financial position?

(vi) Explain your answer calculated above on the accounting treatment for inventories.

Your answer should include the relevant accounting principle applied in the valuation of inventories.

Reference no: EM133138940

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