The inventory value for the financial statements of Z for the year ended 31st March 2022 was based on an inventory count on 4th April 2022, which gave a total inventory value of $836,200. Between 31st March and 4th April the following transactions took place: Purchases of goods $8,600 Sales of goods (profit margin 30% on sales $14,000) Goods returned by Z to supplier $878 What adjusted figure should be included in the financial statements for inventories at 31st March 2022 to nearest ‘000?
The inventory value for the financial statements of Z for the year ended 31st March 2022 was based on an inventory count on 4th April 2022, which gave a total inventory value of $836,200. Between 31st March and 4th April the following transactions took place: Purchases of goods $8,600 Sales of goods (profit margin 30% on sales $14,000) Goods returned by Z to supplier $878 What adjusted figure should be included in the financial statements for inventories at 31st March 2022 to nearest ‘000?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The inventory value for the financial statements of Z for the year ended 31st
March 2022 was based on an inventory count on 4th April 2022, which gave
a total inventory value of $836,200.
Between 31st March and 4th April the following transactions took place:
Purchases of goods $8,600
Sales of goods (profit margin 30% on sales $14,000)
Goods returned by Z to supplier $878
What adjusted figure should be included in the financial statements for
inventories at 31st March 2022 to nearest ‘000?
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