The inventory value for the financial statements of Global Co for the year ended 30 June 20X3 was based on a inventory count on 7 July 20X3, which gave a total inventory value of $950,000. Between 30 June and 7 July 20X6, the following transactions took place. Purchase of goods 11,750usd Sale of goods ( mark up on cost at15%) 1,500usd What figure should be included in the financial statements for inventories at 30 june 20X3?
The inventory value for the financial statements of Global Co for the year ended 30 June 20X3 was based on a inventory count on 7 July 20X3, which gave a total inventory value of $950,000. Between 30 June and 7 July 20X6, the following transactions took place. Purchase of goods 11,750usd Sale of goods ( mark up on cost at15%) 1,500usd What figure should be included in the financial statements for inventories at 30 june 20X3?
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 2PB: LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a...
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QUESTION 1:
The inventory value for the financial statements of Global Co for the year ended 30 June 20X3 was based on a inventory count on 7 July 20X3, which gave a total inventory value of $950,000.
Between 30 June and 7 July 20X6, the following transactions took place.
Purchase of goods 11,750usd
Sale of goods ( mark up on cost at15%) 1,500usd
What figure should be included in the financial statements for inventories at 30 june 20X3?
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