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The inventory value for the finanical statements of X for the year ended 31 may 2008 was based on an inventory on 4 june 2008 which gave a inventory value of $836,200.
Between 31 may and 4 june 2008 the following transactions took place.
purchase of goods $8600
sales of goods ( profit margin 30% on sales) 14,000
Goods returned by X to supplier 700What adjusted figure should be included in the finanical statements for inventories at 31 May 2008?
A)$838,100
B)853,900
C)$818,500
D)$834,300
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844100-9800= 834300 D is the right ans
@furqan..how did u sort out dis que???according 2 my logic v hav 2 find inv on 31 may so v need 2 solve it upside down…v hav inv of 4 june n hav 2 find inv on 31 may…for dis v remove effects of all transanctions b/w 31 n 4….
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