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Inventory at 31 March 20X7 was valued at a cost of $95,000.
Included in this balance were goods that had cost $15,000. These
goods had become damaged during the year and it is considered
that the goods could be sold for $5,000, after paying commission of
$500.
explain its effect on financial statementsHi,
I’m not here to just answer a full question for you. You need to attempt it fully first and then ask where you are stuck for an explanation. It is better for your learning that way.
To help you along, you are looking at the NRV of the damaged goods that need to be included in the inventory valuation at the reporting date.
Once you’ve had a go then let me know and I’ll happily help you out further.
Thanks
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