A-LevelAccountingPreparation of financial statements9706/12 · May/June 2017 · Q111 Mark
Sam was unable to conduct a physical count of inventory at 31 December 2016. On 3 January 2017 inventory had been sold to Abdul for $11950. The cost price of this inventory had been $9560. On 4 January 2017 inventory had been returned by Sita. It had been sold for $2390. The cost price of this inventory was $1912. Sam valued his inventory at 5 January 2017 at cost, $59 750. What was the value of inventory at 31 December 2016?
A$50 190
B$52012
C$67 398
D$69310
✓ Correct answer
C: $67 398
Practise more questions on this topic
Oracle Prep sorts past-paper questions by topic, so you can drill Preparation of financial statements and see which topics are most likely to come up next.
Sign up free →