Uptodate plc's financial year ended on 31 March 20X8. Inventory taken on 7 April 20X8 amounted to £200,000. The following information needs to be taken into account:
(i) Purchases made during the seven days to 7 April amounted to £40,000. Invoices had not been received and only 20% had been delivered by 7 April. These had been taken into inventory.
(ii) Purchases of £10,000, which had been ordered but not paid for before the year-end, had been received before 31 March. However, as the invoices had not been received by 31 March they have not been included in the inventory.
(iii) Purchases of £5,000, which had been ordered and paid for before the year-end, had not been received by 31 March.
(iv) Purchases of £12,000, ordered and paid for by the year-end, were in a bonded warehouse awaiting customs clearance at 31 March. These were eventually delivered to the company on 9 April.
Required:
Calculate the revised year-end inventory as at 31 March 20X8.