The Pottery Co has recently undertaken their year end inventory inspection. During the inspection some items were discovered which had been damaged. A vase which had originally cost £182 and would have sold for £465 will now have to be discounted and sold for £206. 390 dinner sets which had originally cost £53 each and would have sold for £88 now need repair work costing £60 for each set. They can then be sold at the original selling price.

a. At what value should the vase be included in closing inventory?

b. What is the total value of the 390 dinner sets to be included in closing inventory? 

Answer rating: 100% (QA)

To determine the value of the damaged vase and the total value of the repaired dinner sets to be inc... View the full answer