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Shah’s Shoes make footwear. At the year end, 1,000 pairs of one line remain in inventory. Manufacturing costs $3 in materials and $4 in labour per pair; they also accounted for an estimated 2% of the factory’s $100,000 overhead for the year. Selling costs are estimated at $2 per pair. The recommended retail price is $30 per pair, but Shah’s normally sell them wholesale at 50% of this price. Sales have recently been flagging, compelling Shah’s to offer a 30% trade discount on the wholesale price. Under IAS 2, what value should be ascribed to the inventory of shoes? A. $8,500 B. $10,500 C. $11,000 D. $9,000 |