On 31 December 2022, a company has partly completed inventory with a cost to date of R52600. It is expected that further costs of R17800 will be incurred in order to complete the inventory. It will then be sold for R95000. Selling costs will be R4000.

What are the cost and net realisable value (NRV) of this inventory on 31 December 2022?

 (4 Marks)

Answer:

Cost: R

NRV: R

Note: Enter only the amount (do not show your calculation, and do not make use of spaces, full-stops, commas or R-signs). Example: 74000