Inventory taking for the year ended 31st March, 2020 was completed by 10th April 2020, the valuation of which showed a inventory figure of * 16,75,000 at cost as on the completion date. After the end of the accounting year and till the date of completion of inventory taking, sales for the next year were made for 68,750, 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.
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Answered by
6
Answer:
16,34,310
Explanation:
16,75000
+51560
-81000
-2250
-6000
-3000
________
16,34,310
answer
Answered by
1
Explanation:
this is the answer for inventories
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