Sportswear Ltd sets selling prices at cost plus 20%. The company's accounting period ended on December 20x8. The physical inventory was taken on 5 January 20x9 and amounted to $482,800 being the cost. Assuming that the remainder of information is as stated below, calculate the cost of closing inventory as at 31 December 20x8: Purchases and sales during the five days since December were $82,400 and $97,200 respectively. As at December goods invoiced to customers at $37,350 were with customers, on approval. A third of these goods were returned by the customers on January."?

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Particulars selling price cost as on 5th Jan Less purchases during 5 days A... View the full answer