Mathematics · Financial Accounting
The inventory value of Q for the year ended 31 December 20X1 was determined based on a physical count taken on 4 January 20X2, which valued the inventory at $836,200. Between 31 December and 4 January 20X2, the following transactions were recorded: - Purchases of goods for resale: $8,600 - Sales revenue (gross profit margin 30%): $14,000 - Faulty goods returned by Q to the supplier: $700 What is the correct carrying amount of inventory that should be included in the financial statements as at 31 December 20X1?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1$840,300
- 2$838,100✓
- 3$837,700
- 4$834,700
Correct answer
$838,100
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