Ames Company determined the following values for its inventory as of December 31: Historical Cost $200,000 Replacement Cost $160,000 Sales Value $190,000 Cost to Complete and Sell $10,000 Normal Profit Margin $8,000 Fair Value $194,000Under IFRS, what amount should Ames report for inventory at December 31

Question

12-06-2020
Business

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Ames Company determined the following values for its inventory as of December 31: Historical Cost $200,000 Replacement Cost $160,000 Sales Value $190,000 Cost to Complete and Sell $10,000 Normal Profit Margin $8,000 Fair Value $194,000Under IFRS, what amount should Ames report for inventory at December 31

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abdulmajeedabiodunac abdulmajeedabiodunac · Answer 1 · 2020-06-15T04:16:14+02:00

Answer:

Under IFRS, what amount should Ames report for inventory at December 31 at $180,000

Explanation:

Under International Financial Reporting Standards (IFRS) ,the inventory would be reported at the lower of cost and net realizable value.

The original cost of the inventory is $200,000 while its net realizable value is sales value of $190,000 minus the cost to complete and sell of $10,000 i.e $180,000.

Ultimately ,the inventory would be reported at the NRV of $180,000