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Midlands Rolling Inventory Co is under contract to produce 100 car passenger train units at $400,000 each. Up to 31 December last, it cost $32 million to produce 75, it is estimated that completing the contract will cost a further $12 million. Cost of sales for this long term project are to be included in the company’s accounts under IAS 11 for the first time. Which cost of sales figure is correct? A. $44 million. B. $34 million. C. $32 million. D. $30 million. |