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3 In May 2019, Savoir Ltd relocated an employee from head...

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Accounting

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3 In May 2019, Savoir Ltd relocated an employee from head office to an office in another city. As at 30 June 2019, the end of Savoir Ltd's reporting period, the costs were estimated to be $40,000. Analysis of the costs is as follows. of Costs for shipping goods $ 3 000 Airfare $ 6 000 $ 8 000 $ 9000 Temporary Accomodation Costs (May and June) Temporary Accomodation Costs (July and Aug) Reimbursement for lease break costs (Paid in July, lease was terminated in May Reimbursement for cost of living increases (for the period 15 may 2019 - 15 May 2020) $ 2 000 $ 12 000 Required Calculate the provision for relocation costs for Savoir Ltd's financial statements as at 30 June 2019. Assume that AASB 137/1AS 37 applies to this provision and that the effect of discounting is immaterial. Show working notes. (10 Marks)

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