(b) During the inventory count on 31 December, some goods which had cost $80,000 were found to be damaged.

In February 2005 the damaged goods were sold for $85,000 by an agent who received a 10% commission out

of the sale proceeds. (2 marks)

Required:

A．dvise the directors on the correct treatment of these matters, stating the relevant accounting standard which

justifies your answer in each case.

NOTE: The mark allocation is shown against each of the three matters.

[单选题]During a period of rising inventory costs, a company decides to change its

[单选题]During a period of rising inventory costs, a company decides to change its

[判断题]Inventory typically needs to be warehoused at any time during the logistics

[判断题]Inventory typically needs to be warehoused at any time during the logistics

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[单选题]Compared with using the FIFO method to account for inventory, during a peri

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[单选题]During August, a company recorded the following transactions:·Aug 1　　Invent