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BICA Qualification Practice Questions - BICA Botswana Chartered Accountancy Qualification Exam

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A business holds 1,000 units of product Alpha in inventory at year-end. Each unit cost P120 to manufacture. Due to market changes, the expected selling price is P140 per unit, but the company must incur P30 per unit in repackaging costs and a 5% sales commission on the selling price to sell them. Under IAS 2 Inventories, at what total value should product Alpha be reported in the statement of financial position?
Correct Answer:
P103,000

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