Closing inventory appears in Financial statements ( video below)

A company with an accounting date of 31 October carried out a physical check of inventory on 4 November 20X2, leading to an inventory value at cost at this date of $241,850.

Between 1 November 20X2 and 4 November 20X2 the following transactions took place:

1Goods costing $19,200 were received from suppliers.

2Goods that had cost $7,400 were sold for $10,000.

3A customer returned, in good condition, some goods which had been sold to him in October for $300 and which had cost $200.

4The company returned goods that had cost $900 in October to the supplier, and received a credit note for them.

What figure should appear in the company’s financial statements at 31 October 20X2 for closing inventory, based on this information?

Answer

$

Inventory check balance                    241,850

Less: goods from suppliers                (19,200)

Add: goods sold                                    7,400

Less: goods returned                           (200)

Add: goods returned to supplier          900

Closing Inventory                            230,750 

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