3A company with an accounting date of 31 October carried out a physical check of inventory on 4 November 20X3, leading to an inventory value at cost at this date of $483,700. Between 1 November 20X3 and 4 November 20X3 the following transactions took place: (1) Goods costing $38, 400 were received from suppliers. (2) Goods that had cost $ 14,800 were sold for $20,000. (3)A customer returned, in good condition, some goods which had been sold to him in Octoberfor $600 and which had cost $400. (4) The company returned goods that had cost $1,800 in October to the supplier, and received a credit note for them.REQUIRED:Please calculate the figure should be appeared in the company's financial statements at 31 October 20X3 for closing inventory, based on this information.

3A company with an accounting date of 31 October carried out a physical check of inventory on 4 November 20X3, leading to an inventory value at cost at this date of $483,700. Between 1 November 20X3 and 4 November 20X3 the following transactions took place: (1) Goods costing $38, 400 were received from suppliers. (2) Goods that had cost $ 14,800 were sold for $20,000. (3)A customer returned, in good condition, some goods which had been sold to him in Octoberfor $600 and which had cost $400. (4) The company returned goods that had cost $1,800 in October to the supplier, and received a credit note for them.REQUIRED:Please calculate the figure should be appeared in the company's financial statements at 31 October 20X3 for closing inventory, based on this information.

Name: 3A company with an accounting date of 31 October carried out a physic
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Description: 3A company with an accounting date of 31 October carried out a physical check of inventory on 4 November 20X3,leading to an inventory value at cost at this date of $483,700. Between 1 November 20X3 and 4 November 20X3 thefollowing transactions took

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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