Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 3 Days Ago
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Sep 2017 My Price 6.00

item of inventory

An item of inventory is purchased for $1,500. The sales price was $2,000, but as the item has now been replaced by a new model, it can only be sold for a discounted price of $1,350. The scrap value of the item is $1,100. To sell or scrap the inventory will involve transport costs of $100. The value of the inventory for statement of financial position purposes is

  1. $1,500
  2. $1,350
  3. $1,250
  4. $1,000

Purchases made during the month:

Feb 10

6,000 @ $2

Feb 20

3,000 @ $2.20

Feb 28

2,000 @ $2.30

 

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 06:09 PM My Price 6.00

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