In preparing financial statements for the year ended 31 March 20X9, the inventory count was carried out
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Question:
In preparing financial statements for the year ended 31 March 20X9, the inventory count was carried out on 4 April 20X9. The value of inventory counted was £36 million. Between 31 March and 4 April goods with a cost of £2.7 million were received into inventory and sales of £7.8 million were made at a mark-up on cost of 30%. At what amount should the inventory be stated in the statement of financial position as at 31 March 20X9?
A. £39 million
B. £39.3 million
C. £36 million
D. £36.3 million
Related Book For
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
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