Sportsgear Ltd sets selling prices at cost plus 20%. The company's accounting period ended on...
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Accounting
Sportsgear Ltd sets selling prices at cost plus 20%. The company's accounting period ended on 31 December 20x8. The physical inventory was taken on 5 January 20x9 and amounted to 482,800 being the cost. Assuming that the remainder of information is as stated below, calculate the cost of closing inventory as at 31 December 20x8: Purchases and sales during the five days since 31 March were 79,400 and 105,300 respectively. An inventory sheet total has been carried forward from one page to another as 342,800 instead of 324,800. 48 units of an item were stated as 300 each whereas the real cost of these items was 300 per dozen.
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