Question
At 30 November 20X9 the closing inventory of a company amounted to $589,400. The following items were included in this total at cost: (1) 2,000
At 30 November 20X9 the closing inventory of a company amounted to $589,400. The following items were included in this total at cost: (1) 2,000 items which had cost $15 each. These items were all sold in December 20X9 for $12 each, with selling expenses of $1,000 (2) 100 items which had been in inventory since 20X8, when they were purchased for $300 each, sold in December 20X9 for $1,000 each, net of selling expenses What figure should appear in the companys statement of financial position at 30 November 20X9 for inventory?
a. $664,400 b. $594,400 c. $514,400 d. $584,400
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