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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › IAS 2 Inventory
In preparing financial statements for the year ended 31 March 20X6, the inventory count was carried out on 4 April 20X6. The value of inventory counted was $72 million. Between 31 March and 4 April goods with a cost of $5.4 million were received into inventory and sales of $15.6 million were made at a mark-up on cost of 30%.
Using the drop down box. select at what amount inventory should be stated in the statement of financial position as at 31 March 20X6?
Hi,
I can help you with the answer if you demonstrate what you have attempted first.
What we’re trying to do is work backwards from the inventory figure given on the April date to what it should be at the reporting date for inclusion in the financial statements.
Thanks.