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 $100000.


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 7,000
Sales of goods (Mark up on cost at 36 %) 5,000
Goods returned by Q to Suppliers 600

Cost of sales = Sales / (1+ percent/100) =$3,676 .

Opening Inventory + ( Purchase - Returns to suppliers) -Cost of sales =Closing Inventory

Opening Inventory = Closing Inventory - Purchase + Returns to suppliers + Cost of Sales

=100,000 - 7,000 +600 + 3,676

= $ 97,276 .

To do the same topic again in ACCA F3 Past Exam Inventory

To do another topic in ACCA F3