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A manufacturing business calculated the cost of its closing inventory as follows:
DM cost 200000
DL cost 180000
Share of storage cost for finished goods 20000
Share of factory O/H 60000
Share of selling costs 85000
545000What figure should be used as the cost of closing inventories?
It is valued at all costs getting the goods ready for sale (which does not include costs associated with selling).
This is all explained in my free lectures.
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