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Chapter 2 Ias 2 inventories Chapter 2 Ias 2 inventories INDUSTRIAL UNIVERSITY OF HO CHI MINH CITY Content 1 Scope 2 Definition 3 Measurement of inventory 4 Cost formula 5 Additional issues I SCOPE I SCOPE EXERCISE Which of the following example is in or out IAS 2? The lumber of a furniture manufacturer The chicken of a poultry farmer II DEFINITION Inventories are assets Held for sales in the ordinary course of business In the process of production for such sale In the form o.
CHAPTER 2: IAS INVENTORIES LECTURER: PHAM TU ANH INDUSTRIAL UNIVERSITY OF HO CHI MINH CITY Content Scope Definition Measurement of inventory Cost formula Additional issues I SCOPE I SCOPE EXERCISE: Which of the following example is in or out IAS 2? a The lumber of a furniture manufacturer b The chicken of a poultry farmer II DEFINITION Inventories are assets: Held for sales in the ordinary course of business In the process of production for such sale In the form of materials and supplies to be consumed in the production process or in the rendering of services II DEFINITION Question: Whether it is inventories or not???? ◦Ex1: An entity trades in commercial property (ie it buys commercial property with a view to selling it at a profit in the near term) ◦Ex2: An entity holds lubricants that are consumed by the entity’s machinery in producing goods ◦Ex3: An entity holds a building to earn rentals under operating leases from independent third parties ◦Ex4: An entity that manufactures chemicals maintains its manufacturing plant using a specially designed (bespoke) cleaning machine acquired from a local store The machine is expected to be used by the entity for many years II DEFINITION Solution: II DEFINITION Question: Exercise 2.8 in textbook • Notes: (a) Customers not receive the goods (b) The company is the buyer (e) The company is the consignee II DEFINITION Solution: II DEFINITION Scenario 1: IV Cost formula Solution of Question 3: IV Cost formula Question 4: (Exercise 2.13 in textbook) IV Cost formula Solution of Question 4: IV Cost formula Question 5: (Exercise 2.13 in textbook) IV Cost formula Solution of Question 5: IV Cost formula Question 6: (Exercise 2.13 in textbook) IV Cost formula Solution of Question 6: V ADDITIONAL ISSUES - Read the additional materials provided by the lecturer Summary of chapter Review questions for IAS SCOPE Review questions for IAS DEFINITI ON OF INVENTO RY Review questions for IAS MEASUREME NT OF INVENTORY Review questions for IAS Question 2.4 in textbook MEASUREME NT OF INVENTORY Review questions for IAS Solution of Question 2.4 in textbook MEASUREME NT OF INVENTORY Review questions for IAS COST FORMUL A ... formula Scenario 1: Financial controller: Henry Carr Employee IV Cost formula Scenario 1: IV Cost formula Question 1: Exercise 2 .11 in textbook IV Cost formula Solution of Question 1: IV Cost formula... customers) Scenario 1: Solution of Scenario 1: Scenario 2: A retailer buys a good priced at CU500 per unit However, the supplier awards the retailer a 20 percent discount on orders of 10 0 units or more... on orders of 10 0 units or more Furthermore, when the retailer has purchased 1, 000 or more units in a calendar year, the supplier awards the retailer a further volume discount of 10 per cent of