i. In preparing its financial statements for the year ended December 31, 2022, Wells Ltd inventory count was carried out on the 4 of January 2023. The value of the inventory counted was $360 000. Between 31 December and 4 January goods with a cost of $27 000 were received into inventory and sales of $780 000 were made at a mark-up of 30% Required:

Determine what amount of inventory should be included in the statement of financial position as

of 31 December 2022. (4 marks)

ii. On the 31 March 2022 Fosh Ltd had 24 000 units of product X in inventory, included at cost of $12.00 per unit. During April 2022 units of X were being sold at a price of $10.80 per unit, with sales personnel receiving 15% commission on the sale of the product.

Required:

Determine the amount of inventory of product X that should be recognised in the financial statements of Fosh Ltd as at 31 March 2022. (3 marks) iii. The following information applies to Plastic Ltd for the year ended 31 December 2022

Purchases made during the year ended 31December 2022. $300 000

Inventory returned to suppliers $3 000

Interest on notes payable to suppliers $6 000

Cost of transport on inventory $7 500

Required:

Determine the firms inventory cost for the year ended December 31,2022 (5 marks)