A retail company is valuing damaged inventories of two items for balance sheet purposes: Item X and Item Y. Details concerning damaged inventory of the two items on 31 March are as follows:

What value should be placed on the inventory of Item X and Item Y for the balance sheet as at 31 March? ( Hint: Inventory must be valued at the lower of cost and net realisable value. )

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Number of damaged items Item held in inventory Original cost Final selling price anticipated Cost to be incurred to repair items before sale per item per item per item X 1,805 14 23 5 Y 1,789 11 19 9