The closing inventory of Sand Sanitizer Limited amounted to $284,000 at 30 September 20X4, the statement of financial position date. This total includes two inventory lines about which the inventory taker is uncertain. (1) 500 items which had cost $15 each and which were included at $7,500. These items were found to have been defective at the statement of financial position date. Remedial work after the statement of financial position date cost $1,800 and they were then sold for $20 each. Selling expenses were $400. (2) 100 items which had cost $10 each. After the statement of financial position date they were sold for $8 each, with selling expenses of $150. What figure should appear in Sand sanitizer's statement of financial position for inventory? Enter your answer without any symbols or punctuation e.g if it is $145,050 just enter 145050 without commas, 9 decimal points or currency symbols. *

The closing inventory of Sand Sanitizer Limited amounted to $284,000 at 30 September 20X4, the statement of financial position date. This total includes two inventory lines about which the inventory taker is uncertain. (1) 500 items which had cost $15 each and which were included at $7,500. These items were found to have been defective at the statement of financial position date. Remedial work after the statement of financial position date cost $1,800 and they were then sold for $20 each. Selling expenses were $400. (2) 100 items which had cost $10 each. After the statement of financial position date they were sold for $8 each, with selling expenses of $150. What figure should appear in Sand sanitizer's statement of financial position for inventory? Enter your answer without any symbols or punctuation e.g if it is $145,050 just enter 145050 without commas, 9 decimal points or currency symbols. *

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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