Storm, an entity, had 500 units of product X at 30 June 20X5. The product had been purchased at a cost of $18 per unit and normally sells for $24 per unit. Recently, product X started to deteriorate but can still be sold for $24 per unit, provided that some rectification work is undertaken at a cost of $3 per unit. What was the value of closing inventory at 30 June 20X5?
Storm, an entity, had 500 units of product X at 30 June 20X5. The product had been purchased at a cost of $18 per unit and normally sells for $24 per unit. Recently, product X started to deteriorate but can still be sold for $24 per unit, provided that some rectification work is undertaken at a cost of $3 per unit. What was the value of closing inventory at 30 June 20X5?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Storm, an entity, had 500 units of
product X at 30 June 20X5. The
product had been purchased at a
cost of $18 per unit and normally
sells for $24 per unit. Recently,
product X started to deteriorate
but can still be sold for $24 per
unit, provided that some
rectification work is undertaken at
a cost of $3 per unit.
What was the value of closing
inventory at 30 June 20X5?
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