Year end inventory is valued at £215,000. However, there are several items included within year end inventory which are damaged. In total, these items cost £74,000 and repair work is required amounting to £22,200 before they can be sold for £95,000. What is the total value of the year end inventory on the statement of financial position?

Year end inventory is valued at £215,000. However, there are several items included within year end inventory which are damaged. In total, these items cost £74,000 and repair work is required amounting to £22,200 before they can be sold for £95,000. What is the total value of the year end inventory on the statement of financial position?

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Description: Year end inventory is valued at £215,000. However, there are several items included within year end inventory which are damaged. In total, these items cost £74,000 and repair work is required amounting to £22,200 before they can be sold for £95,000.W

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 14EA: If Wakowski Companys ending inventory was actually $86,000 but was adjusted at year end to a balance...

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