The inventory value for the financial statements of Q for the year ended 31 May 20X6 was
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Question:
The inventory value for the financial statements of Q for the year ended 31 May 20X6 was based on an inventory count on 4 June 20X6, which gave a total inventory value of $836,200. Between 31 May and 4 June 20X6, the following transactions took place: $ Purchase of goods Sales of goods (profit margin 30% on sales) Goods returned by Q to supplier 8,600 14,000 700 What adjusted figure should be included in the financial statements for inventories at 31 May 20X6?
A $838,100
B $853,900
C $818,500
D $834,300
Related Book For
International Financial Reporting A Practical Guide
ISBN: 978-1292200743
6th edition
Authors: Alan Melville
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