Inventory from trial balance 30/6/2017 was $1,950,000 , comprised of: Raw material at cost$70,000 Work in progress
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Question:
Inventory from trial balance 30/6/2017 was $1,950,000, comprised of:
Raw material at cost$70,000
Work in progress at cost800,000
Finished goods at cost1,054,000
Finished goods at net realisable value26,000
Finished goods are valued at the lower of cost and net realisable value on a weighted average basis.
What will be the final figure in Balance sheet at year end 30/6/2017 for inventory ? and How ?
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