Question
Storm, an entity, had 500 units of product X at 30 June 20X5. The product had been purchased at a cost of $18 per unit
Storm, an entity, had 500 units of product X at 30 June 20X5. The product had been purchased at a cost of $18 per unit and normally sells for $24 per unit. Recently, product X started to deteriorate but can still be sold for $24 per unit, provided that some rectification work is undertaken at a cost of $3 per unit.
What was the value of closing inventory at 30 June 20X5?
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Principles of Financial Accounting
Authors: Belverd E. Needles, Marian Powers
12th edition
978-1133940562, 1133940560, 978-1285608464, 1285608461, 1133939287, 978-0357693605, 978-1285607047, 128560704X, 978-1133939283
