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CA THE INSTITUTE OF CHARTERED ACCOUNTANTS OF SRI LANKA Measurement Solution: Cost Rs 900/ - p.u. Selling price Less: Estimated modification costs to enable sale Less: Estimated marketing costs NRV Lower of cost and NRV = NRV = Rs 700 /- p.u. Number of units = 150 units at Rs 700/- p.u. = Rs 105,000/- CAT THE INSTITUTE OF CHARTERED ACCOUNTANTS OF SRI LANKA Measurement Rs p.u. 1,200 (300) (200) 700/- Disclosures include the following: ➤ Accounting policy Statement of Financial Position (SoFP) (i) Carrying amount of inventories (on face of SoFP) (ii) Analysis of inventories by classification Statement of Comprehensive Income (i) Cost of inventories expensed in period ➤ Other 10/31/2016 11

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