Problem 29 An evaluation of a physical stock count on 30th April, 2020 in respect of the financial year ending on that date at Cranfleet Commodities has produced a figure of 187,033. The firm's book-keeper has approached you, as the accountant, for assistance in dealing with the following matters to enable him to arrive at a final figure of closing inventory for inclusion in the annual accounts: (1) 320 components included at their original cost of 11 each can now be bought in for only 6 each due to over production by the manufacturer. This drop in price is expected to be only temporary and the purchase price is expected to exceed its original figure within 12 months. Cranfleet Commodities intends to continue selling the existing stock at the present price of 15 each. (2) It has been discovered that certain items which had cost 5,657 have been damaged. It will cost 804 to repair them after which they can be sold for 6,321. (3) On one stock sheet a sub-total of 9,105 has been carried forward as 1,095. (4) 480 units which cost 1.50 each have been extended at 15.00 each. (5) The firm has sent goods with a selling price of 1,500 (being cost plus 25 % ) to a customer on a sale or return basis. At 30th April 2020, the customer had not signified acceptance, but the goods have not been returned, and consequently had not been included in the physical stock count (6) Included in stock were goods bought on credit for 4,679 from Byfleet Enterprises. At 30th April 2020, Cranfleet Commodities had not paid this account. (7) Byfleet Enterprises had also sent some free samples (for advertising purposes only). These have been included in stock at their catalogue price of 152