Grandi plc is a retailer of fashionable sports clothing. The trial balance at 31 December 2021, the end of its financial year shows closing inventory at a cost of N$100 000. The financial statements are authorised for issue on 15 February 2022.
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Question

Grandi plc is a retailer of fashionable sports clothing. The trial balance at 31 December 2021, the end of its financial year shows closing inventory at a cost of N$100 000. The financial statements are authorised for issue on 15 February 2022. 
 (Choose one correct option only)

Answer

If the inventory is sold for N$80 000 before 15 February 2022, in the 2021 financial statements, N$20 000 is recognised in cost of sales and the inventory will be reported on the statement of financial position at N$80 000.

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Answer

If the inventory is sold for N$80 000 before 15 February 2022, in the 2021 financial statements, N$20 000 is recognised in other comprehensive income and the inventory will be reported on the statement of financial position at N$80 000.

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Answer

If the inventory is sold for N$80 000 after 15 February 2022, in the 2021 financial statements, N$20 000 is recognised in cost of sales and the inventory will be reported on the statement of financial position at N$80 000.

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Answer

If the inventory is sold for N$120 000 before 15 February 2022, in the 2021 financial statements, N$20 000 is recognised in other comprehensive income and the inventory will be reported on the statement of financial position at N$120 000.

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Grandi plc is a retailer of fashionable sports clothing. The trial balance at 31...

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