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2. As at 31 December 2022, a physical stock count was carried out to determine the value of the inventories held by Tango Bhd. The unsold inventories were valued at RM881,750. Due to the flood in December 2022:
• 10% of the inventories were fully damaged and could not be sold.
• 30% only can be sold at RM250,000. The cleaning and repairs cost for these
damaged inventories was estimated at RM10,000.
• 40% (undamaged inventories) could be sold at RM325,000. The selling cost of these remaining inventories was RM5,500.
• Remaining inventories could be sold at RM190,000
Required:
i. Define the term inventory in accordance with MFRS 102 inventories.
ii. Determine the value of closing inventory as at 31 December 2022 in accordance with MFRS102 Inventories. (Show all workings).
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