Sach Organics Ltd could not complete the valuation of inventory on March 31, 2009; however, it valued
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Sach Organics Ltd could not complete the valuation of inventory on March 31, 2009; however, it valued the inventory on April 9, 2009. The relevant facts extracted from the accounting records for the period April 1, 2009 to April 9, 2009 were as follows:
Sales ₹65,76,000; purchase ₹28,33,000: wages ₹9,13,000; manufacturing expenses ₹2,45,000; closing stock on April 9, 2009 was 16,78,000.
Past accounting records reveal that company earns gross profit @ 29% on sales value. Ascertain value of opening stock on April 1, 2009.
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