Fenson ltd is a wholesaler of guitars inventory on

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Fenson Ltd is a wholesaler of guitars. Inventory on hand at 1 July 2016: 35 Guitars @ $100 (inclusive of handling costs). During the year ended 30 June 2017, several purchases of guitars were made: First Purchase: 100 Guitars @ $70 eachSecond Purchase: 100 Guitars @ $70 eachThird Purchase: 150 Guitars @ $80 each Handling costs and delivery charges inward amount to a further $20 per item. Fenson Ltd’s selling price during the year for the Guitars was $150. However, with a new upgraded model now on the market,
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
Rural scene print Units Cost per Unit Purchase of the city scene print requires payment of an import duty of $50 per print. The latest selling price of city scene prints was $650 per print. The rural scene print has not sold any copies since March 2014. Inlate June 2014, a country motel chain offered $300 each for all therural scene prints that Hardwick Artwork has left, if Hardwick Artwork will pay the $30 per print freight cost. Hardwick Artwork management realises this is the highest offer they are likely to receive. Required: (a) Calculate the following: 1.(i) Ending inventory value for the city scene print as at 30 June 2014, using a FIFO cost flow assumption.

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