Question: From the following information presented by P Ltd . ascertain the value of stock to be included in Balance Sheet: Cost Price of certain stock

From the following information presented by P Ltd. ascertain the value of stock to be included in Balance Sheet: Cost Price of certain stock amounted to $60,000; being obsolete, it can be used for production purposes after incurring $10,000 for modification. The same could be used as a by-product for an existing product, the purchase price for the same amounts to $40,000.

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