3 A company with an accounting date of 3 1 October carried out a physical check of...
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Question:
A company with an accounting date of October carried out a physical check of inventory on November X leading to an inventory value at cost at this date of $Between November X and November X the following transactions took place: Goods costing $ were received from suppliers.Goods that had cost $ were sold for $A customer returned, in good condition, some goods which had been sold to him in Octoberfor $ and which had cost $The company returned goods that had cost $ in October to the supplier, and received a credit note for them.REQUIRED:Please calculate the figure should be appeared in the company's financial statements at October X for closing inventory based on this information.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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