Please can you check if the answer on the excel is correct.

1. Opening stock was valued at $150,000 and the closing stock as at 30 June 2018 was based on several methods a) Cost $165,000 b) Market $175,000

c) Base Value $145,000. Jimmy wished to minimise his profits on the business

under income, which amount for closing inventory should we use?

4. Jimmy was depreciating plant and equipment as per below and during the year additional plant was purchased and existing plant sold or scrapped. Plant on hand Item Office Furniture Computer Sewing Machine A Coffee Machine Plant A Cost $ 4,600 1,000 10,000 6,000 7,000 OAV at 1.7.2017 1,500 700 8,000 4,000 5,000 Rate 10% diminishing value 40% diminishing value 20% diminishing value 20% diminishing value 20% prime cost Effective life Purchases Item Plant B Plant C Sewing Machine B Purchase date 1.10.2017 16.1.2018 5.5.2018 Price $ 3,500 5,800 8,000 4 years 5 years 6 years Sales Item Plant A Sewing Machine A Sale date 1.10.2017 5.5.2018 Sale price $ 7,500 4,000 DISPOSALS AV at SP B/A sale EXISTING ASSETS AND NEW ASSETS Cost Date Item OAV Rate Days Price 01.07.17 office furniture 4600 1500 10% 365 01.07.17 computer 1000 700 40% 365 01.07.17 sewing machine A 10000 8000 20% 93 01.07.17 coffee machine 6000 4000 20% 365 01.07.17 plant A 7000 5000 20% 01.10.17 Plant B 3500 50% 273 16.01.18 Plant C 5800 40% 166 05.05.18 sewing machine B 8000 33.33% 57 7592 4000 -3592 Decline CAV in Value 150 1350 280 420 408 800 3200 1400 1309 2191 1055 4745 402 7598 3600 7500 3900 TOTAL DECLINE IN VALUE 5804 TOTAL B/A 308