Question

M Ltd uses the adjusted selling price method for estimating monthly inventory
balances. It makes a gross profit of 30% on net sales. The following is the
figures for the year:
a)Opening Inventory 90,000
b) Purchases 5,17,500
c) Purchase Returns 45,000
d) Freight inwards 22,500
e) Gross sales 7,65,000
f) Sales Returns 90,000
g) Carriage inwards 13,500
You are required to calculate the cost of closing inventory

Answer 1

Answer:

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