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The closing inventory of M/s Bells was RS-284,000 at 30th September 2009. This total included two inventory lines about which the inventory taker is uncertain
i. 50 items of cost of Rs-15 each were included at Rs-7,500. These items were found defective on the reporting date. Remedial work after the reporting date cost Rs-1,800 and the items were sold out at Rs-20 each. Selling expenses were 400.
ii. 100 items with a cost of Rs-10 each were sold out at a price Rs-8 each after the reporting date. Selling expenses were Rs-150.
Additional Details I have tried to solve it but all in vain. Exams coming up, please help me !
i. 50 items of cost of Rs-15 each were included at Rs-7,500. These items were found defective on the reporting date. Remedial work after the reporting date cost Rs-1,800 and the items were sold out at Rs-20 each. Selling expenses were 400.
ii. 100 items with a cost of Rs-10 each were sold out at a price Rs-8 each after the reporting date. Selling expenses were Rs-150.
Accounting Question - Stock Valuation?
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