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hi everyone,
i came across a question where inventory in the balance sheet is 3000
and in the additional information there is:
Some inventory items included in the draft balance sheet at cost 500 were sold after the reporting date for 400 with selling expenses of 40..
should i value the inventory at 2860 in the balance sheet??
Can anyone please help me??
Yes – you are correct 🙂
(The items mentioned should be valued at the net realisable value of 360 because this is lower than cost. So the total value of the inventory should indeed by 2860)
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