The closing inventory of X amounted to $116,400 excluding the following two inventory lines: (1)...
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The closing inventory of X amounted to $116,400 excluding the following two inventory lines: (1) 400 items which had cost $4 each. All were sold after the reporting period for $3 each, with selling expenses of $200 for the batch. (2) 200 different items which had cost $30 each. These items were found to be defective at the end of the reporting period. Rectification work after the statement of financial position amounted to $1,200, after which they were sold for $35 each, with selling expenses totalling $300. Which of the following total figures should appear in the statement of financial position of X for inventory? a) $122,300 b) $121,900 c) $122,900 d) $123,300
The closing inventory of X amounted to $116,400 excluding the following two inventory lines:
(1) 400 items which had cost $4 each. All were sold after the reporting period for $3 each, with selling expenses of $200 for the batch.
(2) 200 different items which had cost $30 each. These items were found to be defective at the end of the reporting period. Rectification work after the statement of financial position amounted to $1,200, after which they were sold for $35 each, with selling expenses totalling $300.
Which of the following total figures should appear in the statement of financial position of X for inventory?
a) $122,300
b) $121,900
c) $122,900
d) $123,300
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