QUESTIONS 14 AND 15 Billy Blocks Ltd (BB), ends his financial year on 31st March. At 01/04/22 BB had goods in inventory valued at 8,400. During the year to 31/03/23, BB purchased goods costing 136,000. The government has decided to change the expected quality of blocks and as such BB has had to write off some of his inventory as it does not meet the governments requirements. Some of the blocks which cost 2,600 were still held in inventory at 31/03/23 however, BB believes that these cannot be sold. All the goods still held in inventory at 31/03/23 (including the written-off block inventory) had an original purchase cost of 6,800. Sales for the year were 160,500. QUESTION 14 What is the adjusted value of closing inventory for the year ending 31/03/23 for Bill Boy Blocks Ltd? WORKINGS: ANSWER: (2 marks) QUESTION 15 What is the gross profit for the year ending 31/03/23? WORKINGS: