At 31 December 20X4, Litch Co had, in inventory, 100 items of work in progress which had cost $14,900 to produce. It estimated that the work in progress would cost $13 per unit to complete, and that each unit would then sell for $166. Direct selling costs are estimate d at 2% of revenue. In accordance with IAS 2 Inventories, what is the correct value of Litch Co's inventory as at 31 December 20X4?

An audit junior obtains the following extract of an aged inventory report: Inventory CodeOriginal Cost () SellingPrice()Costs to Sell () CarryingAmount()X07000312,00020,2002,00012,000X07900114,50016,0002,50014,500X08400018,00026,0003,00023,000 According to IAS 2 Inventory, valuation should be at the lower of cost and net realizable value (NRV). What is the corrected inventory value and the statement regarding the current carrying amounts?

Caminas Co has the following products in inventory at the year end: Product A: Quantity = 1,000; Cost = $40; Selling price = $55; Selling cost = $8 Product B: Quantity = 2,500; Cost = $15; Selling price = $25; Selling cost = $4 Product C: Quantity = 800; Cost = $23; Selling price = $27; Selling cost = $5 At what total amount should the inventory be stated in the statement of financial position in accordance with IAS 2?