ACCA F3 Past Exam Inventory
The inventory value for the financial statements of Q for the year ended 31 May 2006 was based on an inventory count on 4 June 2006, which gave a total inventory value of $300,000.
Between 31 May and 4 June 2006, the following transactions took place:
What adjusted figure should be included in the financial statements for inventories at 31 May 2006?
| Purchase of goods | 3,000 |
| Sales of goods (Profit margin 24 % on sales) | 1,000 |
| Goods returned by Q to Suppliers | 200 |
Cost of sales = Sales X (1- percent/100) =$760 .
Opening Inventory + ( Purchase - Returns to suppliers) -Cost of sales =Closing Inventory
Opening Inventory = Closing Inventory - Purchase + Returns to suppliers + Cost of Sales
=300,000 - 3,000 +200 + 760
= $ 297,960 .
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