=+5. THOMPSON s inventory at 31 December 2005 is valued by the directors at 275,000. Included in

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=+5. THOMPSON ’s inventory at 31 December 2005 is valued by the directors at 275,000. Included in this figure is speciality tea valued at its original cost of

€60,000. The replacement,cost of the tea is €30,000 and its market value, based upon sales in January and February 2006, is €50,000 before selling and distribution costs of €5,000.

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