The Goods in Process Inventory Account for the AB Corp

question 41

Multiple Choice

The Goods in Process Inventory account for the AB Corp.follows: The cost of units transferred to finished goods is:

• A)$97,000
• B)$105,900
• C)$88,100
• D)$95,200
• E)$92,500

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Definitions:

Parent's Cash Flows

The cash inflows and outflows directly associated with the primary operating entity in a group of companies or conglomerate.

AASB 121

Refers to the Australian Accounting Standards Board provision dealing with the effects of changes in foreign exchange rates.

Exchange Differences

Variance arising from translating foreign currency transactions or foreign operations into the reporting currency.

Presentation Currency

The form of money used to express the financial records of a company.