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A Shop selling stationery has the following inventory as at 31 December, 2014 red ed out of Items Cost ($) NRV ($) a question Books 200 220 Pens 550 600 Pencils 675 625 TOTAL 1,425 1,445 Calculate the value of closing stock (inventory) to be reported in the Statement of Financial Position $1,375 $1,445 $1
A Shop selling stationery has the following inventory as at 31 December, 2014 red ed out of Items Cost ($) NRV ($) a question Books 200 220 Pens 550 600 Pencils 675 625 TOTAL 1,425 1,445 Calculate the value of closing stock (inventory) to be reported in the Statement of Financial Position $1,375 $1,445 $1.425 $1,495 3. Which of the following items could appear on the credit side of a receivables ledger control account? Son 30
Expert Solution
| Value of closing stock to be reported in the financial statement |
| Closing stocks are valued at cost of net realizable value whichever is lower |
| Therefore, the Value of closing stock = (Lower of $200 or $220) + (Lower of $550 or $600) + (Lower of $675 or $625) |
| Value of closing stock = $200 + $550 + $625 |
| Value of closing stock = $1,375 |
| Hence, the Value of closing stock to be reported in the financial statement will be $1,375 |
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