Reference no: EM132745006

Problem 1. Information on CC Co.'s December 31, 2020 inventory is shown below:

                                  Product A                Product B             Product C
Purchase Price         100,000                 250,000               300,000
Freight in                   12,000                 30,000                36,000
Selling price                 210,000                300,000            570,000
Freight out                 10,500                  75,000                 11,400

What amount of inventory should be reported in December 31, 2020 balance sheet?

Group of answer choices

A. 983,100
B. 938,100
C. 763,000
D. 673,000

Problem 2. Under PAS 10, an entity shall disclose all of the following in each material category of non-adjusting events, except:

Group of answer choices

A. The nature of the event
B. Astatement that an estimate of event's financial effects cannot be made
C. A statement that an entity chooses to classify the event as anon-adjusting event rather than as an adjusting event .
D. The estimate of the event' s financial effects