Exam 9: Inventories

Taxes may be included in the costs of inventory unless they are:

Uno Ltd uses a periodic inventory system and rounds the average unit cost to the nearest dollar. The following data relates to Uno Ltd for the year ended 30 June 2014:

When determining the net realisable value of inventory, estimates must be made of the following: I Estimated costs of completion (if any). II Expected replacement cost. III Expected selling price. IV Estimated selling costs.

IAS 2 prohibits which of the following from being included in the cost of inventory?

All of the following are common classifications for the disclosure of inventories in a set of financial statements:

IAS 2 Inventories requires that when inventories are written down to net realisable value, they are written-down:

IAS 2 requires separate disclosure of:

Where inventories in an industry are measured by reference to historical cost which of the following measurement rules applies subsequent to initial measurement?

Stock take discrepancies between a count sheet and recorded quantities in the ledger may arise due to: I Theft of stock during the year II Stock purchased under FOB destination terms being in transit at period end III A consignee including consignment stock in their physical count. IV Sales returns not being processed into the ledger