Fenson Ltd keeps track of all stock movements and adopts the First-In-First- Out (FIFO) cost-flow method. Sales of 185 Guitars were recorded during the year ended 30 June 2017. Ending inventory at 30 June 2017 comprises 200 Guitars. Required: Calculate the value of ending inventory of Fenson Ltd in accordance with AASB102 - Inventories. Show all workings and explain your answer.In accordance with the requirements of relevant Australian accounting standards. Justify ALL elements of your calculations inaccordance with Australian accounting standards.
Additional Problem 17 Hardwick Artwork Pty Ltd is in business selling framed prints of classic paintings. The prints are produced on high-quality paper and to the highest possible standards, so they are expensive to purchase from the importer. Pricing the prints is difficult because popularity of a print is difficult to predict. Sometimes prints do not sell well at all and are then disposed of in bulk for use in hotels and motels. The transaction data on two recent prints are as follows: City scene print