Inventory

$1,000 items which had cost $18 each. These items were all sold in October

2012 for $15 each, with selling expenses of $800.
B) 5 items which had been in inventory since 1978 when they had been purchased

for $100 each, were sold in October 2012 for $1,000 each, net of selling

expenses.

What figure for inventory should appear in the company’s statement of financial

position at 30 September 2012?

Kindly help me to solve this question.

Thank you.