AID17574: A dealer of Mobile TV has the following items in inventory as on March 31,2018
PLEASE FIND THE TABLE BELOW
|
Item |
Quantity |
Cost Price per unit |
Market price per unit |
|
Nokia |
50 |
100000 |
98000 |
|
Samsung |
70 |
880000 |
90000 |
|
Sony |
100 |
120000 |
115000 |
|
Motorola |
80 |
75000 |
76000 |
Discuss the accounting standard which
talks about inventory valuation. Also, find out and define the overall value of
inventories as per the applicable accounting standard. (10Marks)