Domélec, a distributor of household appliances, holds three unrelated lots of goods at the reporting date; according to the facts of the case, no grouping is appropriate. Lot R: cost 12,000, estimated selling price 13,800, estimated selling costs 1,100. Lot S: cost 8,500, estimated selling price 8,900, estimated selling costs 760. Lot T: cost 6,300, estimated selling price 6,000, estimated selling costs 450. No costs of completion are to be incurred. Compute the total amount of inventories at the reporting date and the total write-down.
- Lot R: cost
- 12,000
- Lot R: estimated selling price
- 13,800
- Lot R: estimated selling costs
- 1,100
- Lot S: cost
- 8,500
- Lot S: estimated selling price
- 8,900
- Lot S: estimated selling costs
- 760
- Lot T: cost
- 6,300
- Lot T: estimated selling price
- 6,000
- Lot T: estimated selling costs
- 450