accounts ca foundation inventory questions
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M/s X, Y and Z are in retail business, following information are obtained from their records for the year ended 31st March, 2016:Goods received from suppliers(subject to trade discount and taxes) `15,75,500Trade discount 3% and sales tax 11%Packaging and transportation charges`87,500Sales during the year` 22,45,500Sales price of closing inventories`2,35,000Find out the historical cost of inventories using adjusted selling price method.
From the following information, calculate the historical cost of inventories using adjusted selling price method:`Sales during the year2,00,000Cost of purchases2,00,000Opening inventoryNilClosing inventory at selling price50,000