the following is a list of items that may or may not be reported as inventory in kee 4375586

The following is a list of items that may or may not be reported as inventory in Keesa Corp.’s December 31 balance sheet: l. Goods out on consignment at another company’s store 2. Goods sold on an installment basis 3. Goods purchased FOB shipping point that are in transit at December 31 4. Goods purchased FOB destination that are in transit at December 31 5. Goods sold to another company, with Keesa having signed an agreement to repurchase the goods at a set price that covers all costs related to the inventory 6. Goods sold where large returns are predictable 7. Goods sold FOB shipping point that are in transit at December 31 8. Freight charges on goods purchased 9. Freight charges on goods sold 10. Factory labour costs incurred on goods that are still unsold 11. Interest costs incurred for inventories that are routinely manufactured in large quantities 12. Costs incurred to advertise goods held for resale 13. Materials on hand and not yet placed into production by a manufacturing firm 14. Office supplies 15. Raw materials on which a manufacturing fmn has started production, but which are not completely processed 16. Factory supplies 17. Goods held on consignment from another company 18. Goods held on consignment by another company 19. Costs identified with units completed by a manufacturing firm, but not yet sold 20. Goods sold FOB destination that are in transit at December 31 2 1. Temporary investments in shares and bonds that will be resold in the near future 22. Costs of uncleared land to be developed by a property development company 23. Cost of normal waste or spoilage of raw materials during production 24. Cost of waste and spoilage experienced above normal levels; that is, abnormal levels of waste of raw materials 25. Costs to store excess materials inventory for a manufacturer 26. Costs to store wine as it ages for a wine producer 27. Decommissioning costs incurred as a part of the extraction of minerals Instructlons (a) Assuming that ASPE is followed, indicate which of these items would typically be reported as inventory in the financial statements. If an item should not be reported as inventory, indicate how it should be reported in the financial statements. (b) How would your response to (a) change under IFRS? View Solution:
The following is a list of items that may or

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