At 30 September 20X3 the closing inventory of a company amounted to $386,400. The following items...

 

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At 30 September 20X3 the closing inventory of a company amounted to $386,400. The following items were included in this total at cost: 1 1,000 items which had cost $18 each. These items were all sold in October 20X3 for $15 each, with selling expenses of $800. 2 Five items which had been in inventory since 1973, when they were purchased for $100 each, sold in October 20X3 for $1,000 each, net of selling expenses. What figure should appear in the company's statement of financial position at 30 September 20X3 for inventory? At 30 September 20X3 the closing inventory of a company amounted to $386,400. The following items were included in this total at cost: 1 1,000 items which had cost $18 each. These items were all sold in October 20X3 for $15 each, with selling expenses of $800. 2 Five items which had been in inventory since 1973, when they were purchased for $100 each, sold in October 20X3 for $1,000 each, net of selling expenses. What figure should appear in the company's statement of financial position at 30 September 20X3 for inventory?

Answer rating: 100% (QA)

For 1 price is 1000 x 18 18000 NRV is 1000 x 15 800 14200 So these ought to b... View the full answer