A company has goods costing $5,000 in inventory on 31 December 2020. The company expects to sell the goods for $4,800 in early February Selling costs are estimated to be $250 and the cost of holding inventory is 12% of cost. What should the value of these goods be in closing inventory? O$5,000 O$4,800 O$4,550 O$4,500 (2 points) Not Yet Answered Time remaining 53:43 4 An item that included in closing inventory has also been included in sales and receivables and in purchases and payables. Assuming that goods are not legally sold until they are dispatched, what adjustments are need to correct the financial statements? Reduce sales and receivables and purchases and payables OReduce inventory and sales and receivables OReduce inventory only O Reduce sales and receivables only (2 points)