Dont guve handwritten answer thnku A manufacturing entity, Aboo Ltd, provides the following information of purchases and payments withregards to inventory for the year ended 30 June 2022:Raw material purchases.........Transport costs - raw materials.Fixed production overhead costs incurred.Variable production overhead costs incurred.Items of inventories were determined as follows:Raw materials.......Packaging materials.Work in progress..Finished goods.Additional information:1.2.3.4.The entity utilises the perpetual inventory system.OpeninginventoriesR192 500REQUIRED:9 60061 875220 000ClosinginventoriesR82 5008 800140 250112 750R495 0001 400228 250276 380Raw materials and work in progress are valued according to the first in, first out (FIFO) method.Assume raw materials, work in progress and finished goods used in production will not be sold orexpected to be sold at or above cost.Finished goods and consumables are valued using the weighted average method.Fixed production overhead costs are allocated at R100 per unit and is based on the normalproduction capacity of 2 000 units.NetrealisablevalueR59 8137 970110 000100 000Prepare inventory journal entries of Aboo Ltd for the financial year ended 30 June 2022 to comply withthe IAS 2 standard of the International Financial Reporting Standards (IFRS).

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Description: Dont guve handwritten answer thnku A manufacturing entity, Aboo Ltd, provides the following information of purchases and payments withregards to inventory for the year ended 30 June 2022:Raw material purchases.........Transport costs - raw materials.

IAS 2 pertains to valuation of inventories and how to present the inventories in the financial…

Answered: REQUIRED: Prepare inventory journal…

Business

Accounting

REQUIRED: Prepare inventory journal entries of Aboo Ltd for the financial year ended 30 June 2022 to comply with the IAS 2 standard of the International Financial Reporting Standards (IFRS).

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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