A business purchased 100 items at 2 each with a view to selling them at 2.40 each.
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A business purchased 100 items at £2 each with a view to selling them at £2.40 each. At the end of the year 20 items remained unsold. Due to a decline in demand, the business can now sell them for only £1.50 each. Calculate the value of the closing inventory.
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Related Book For 
Business Accounting An Introduction To Financial And Management Accounting
ISBN: 9780230276239
2nd Edition
Authors: Jill Collis, Roger Hussey, Andrew Holt, Holt Collis, J. Collis
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