1. From the following particulars, ascertain the value of inventories as on 31" March, 2018: Inventory as on 01.04.2017 Purchases Manufacturing Expenses Selling expenses Administrative expenses Financial Charges Sales 1,42,500 7,62,500 1,50,000 60,500 30,000 21,500 12,45,000 At the time of valuing inventory as on 31 March 2017, a sum of INR 17,500 was written off on a particular item, which was originally purchased for INR 50,000 and was sold during the year for INR 15,000. Barring transaction relating to this item the gross profit earned during the year was 20% on sales. [4]