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remaining goods were destroyed. (a). compute the cost goods
destroyed. (b). compute the cost goods destroyed, assuming
that the gross profit 33 1/3% of sales.

6) Presented below is information related to Ricky
Henderson Company. Compute the inventory by the
conventional retail inventory method.

7) The inventory section of Maddox’s balance sheet as of
November 30,2014, including required foot notes, is presented
below are the inventory section supporting calculations.

8) All of the following are key similarities between GAAP
and IFRS with respect to accounting for inventories except:

9)
Starfish Company (a Company using Gap and LIFO
inventory method) is considering changing to IFRS and the
FIFO inventory method. How would a comparison of these
methods affect Starfish’s financials?

10) Assume that Darcy industry had the following inventory
values.

1.

Inventory cost (on December 31,2014)$1,500