The financial year of Mitex Co ended on 31 December 20X1. An inventory count on January 4 20X2gave a total inventory value of $527,300.The following transactions occurred between January 1 and January 4.$7,90015,000800Purchases of goodsSales of goods (gross profit margin 40% on sales)Goods returned to a supplierWhat inventory value should be included in Mitex Co's financial statements at 31 December 20X1?

We have the following information: Total Inventory as on January 4 20X2: $527,300 Purchase of…

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. 24 7,900 15,000 Purchases of goods Sales of goods (gross profit margin 40% on sales) Goods returned to a supplier 800 What inventory value should be included in Mitex Co's financial statements at 31 December 20X1?

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. 24 7,900 15,000 Purchases of goods Sales of goods (gross profit margin 40% on sales) Goods returned to a supplier 800 What inventory value should be included in Mitex Co's financial statements at 31 December 20X1?

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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