Question

ILLUSTRATION
Inventory taking for the year ended 31st March, 2020 was completed by 10th April 2020, the valuation di
which showed a inventory figure of ? 16,75,000 at cost as on the completion date. After the end of 1
acounting year and till the date of completion of inventory taking, sales for the next year were made toy
168,750, profit margin being 33.33 percent on cost. Purchases for the next year included in the inventory
amounted to ? 90,000 at cost less trade discount 10 percent. During this period, goods were added to
inventory at the mark up price of 3,000 in respect of sales returns. After inventory taking it was found that
there were certain very old slow-moving items costing? 11,250, which should be taken at 5,250 to ensure
disposal to an interested customer. Due to heavy flood, certain goods costing? 15,500 were received from
the supplier beyond the delivery date of customer. As a result, the customer refused to take delivery and net
realizable value of the goods was estimated to be 12,500 on 31st March. Compute the value of inventory
for inclusion in the final accounts for the year ended 30th March, 2020,​

Answer 1

Answer:

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Explanation: