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3 years ago

Look at pic for question and answers.

Business

1 answer:

zubka84 [21]3 years ago

6 0

Answer:

It is decreased by the sale amount

Explanation:

An income statement is a financial statement that communicates a business's profitability. An income statement lists the revenues and expenses incurred by a business in a period.

The sale of a company's asset may result in a loss or profit. A profit is treated as an income to the business, but a loss is an expense. When an asset is sold at a loss, business expenses increase. An increase in expenses reduces profits as reported in the income statement.

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3 years ago

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<h3>What is net realizable value under IFRS?</h3>

Under the IFRS, inventories should be stated at the lower of cost and net realizable value. The net realizable value equals the selling price less the estimated costs of sale.

<h3>Data and Calculations:</h3>

Inventory purchase cost = $80

Net realizable value in year 1 = $60

Net realizable value in year 2 = $75

Replacement cost = $65

Normal profit margins = 20%

Thus, the net realizable value of the inventory as of December 31, year 2, according to IFRS is <u>$75</u>.

Learn more about net realizable value at brainly.com/question/794345

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