$3$A company with an accounting date of $31$ October carried out a physical check of inventory on $4$ November $20$X$3,$ leading to an inventory value at cost at this date of $$483,700.$Between $1$ November $20$X$3$ and $4$ November $20$X$3$ the following transactions took place: $(1)$Goods costing $$38,400$ were received from suppliers.$(2)$Goods that had cost $$14,800$ were sold for $$20,000.(3)$A customer returned, in good condition, some goods which had been sold to him in Octoberfor $$600$ and which had cost $$400.(4)$The company returned goods that had cost $$1,800$ 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 $31$ October $20$X$3$ for closing inventory $,$ based on this information.

Answer rating: 100% (QA)

To calculate the figure that should appear in the companys financial statements at October 31st we n... View the full answer