Question 3: The financial year of Mitex Co ended on 31 December 20X1. An inventory count on January 4, 20X2 gave a total inventory value of $527,300. The following transactions occurred between January 1 and January 4. Purchases of goods $7,900 Sales of goods (gross profit margin 40% on sales) $15,000 Goods returned to a supplier $800 What inventory value should be included in Mitex Co’s financial statements at 31 December 20X1?
Question 3: The financial year of Mitex Co ended on 31 December 20X1. An inventory count on January 4, 20X2 gave a total inventory value of $527,300. The following transactions occurred between January 1 and January 4. Purchases of goods $7,900 Sales of goods (gross profit margin 40% on sales) $15,000 Goods returned to a supplier $800 What inventory value should be included in Mitex Co’s financial statements at 31 December 20X1?
Chapter1: Financial Statements And Business Decisions
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Question 3:
The financial year of Mitex Co ended on 31 December 20X1. An inventory count on January 4, 20X2 gave a total inventory value of $527,300.
The following transactions occurred between January 1 and January 4.
Purchases of goods $7,900
Sales of goods (gross profit margin 40% on sales) $15,000
Goods returned to a supplier $800
What inventory value should be included in Mitex Co’s financial statements at 31 December 20X1?
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