It is requested that is the cost of ownership and what is the net realizable value of the inventory. What is the final price of its valuation?
4.
FANIS trades used cars. He bought from the BMW dealership in Germany 50 cars XI 1800cc for 1.750.000€, in total. The cost of transporting the cars from Germany to customs was 25000€. For the customs clearance of the cars, including the customs broker's fee, the amount of € 250,000 was paid to customs. BMW, based on an agreement, made a 5% discount due to quantity but also issued an invoice of € 50,000 for late payment. Five cars were sold for €42000 every 15 days after the balance sheet expired. FANIS gave a €1000 commission to a local dealer to mediate the sale of the cars through his clientele.
It is requested that is the cost of ownership and what is the net realizable value of the inventory. What is the final price of its valuation?
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