Item code ZYX321 had 320 items in inventory at 31 March, the entity year end. The original cost of the inventory, according to the inventory control system, was $5,000. Alternative valuations were obtained at 31 March for this inventory item. Which value should be used in the accounts at 31 March?
(A) Net realizable value $4,750
(B) Original cost $5,000
(C) Replacement cost $5,500
(D) Selling price $6,000
Details of contract AB1375 are:
$000
$000
Certified work completed Costs incurred to date:
300
Attributable to work completed
345
395
Further costs attributable to partly completed work
50
Progress payments received
320
Expected further loss on completion
40
Using the above data, identify the correct entries for contract AB1375 items in Questions 2–4.