A company with an accounting date of 31 October carried out a physical check of inventory on 4 November 2003,
leading to an inventory value at cost at this date of $483,700.

Between 1 November 2003 and 4 November 2003 the following transactions took place:

(1)   Goods costing $38,400 were received from suppliers.
(2)   Goods that had cost $14,800 were sold for $20,000.
(3)    A customer returned, in good condition, some goods which had been sold to him in October for $600 and which
        had cost $400.
(4)   The company returned goods that had cost $1,800 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 2003 for closing inventory, based
on this information?

A   $458,700
B   $505,900
C   $508,700
D   $461,500.

D
A 483,700 – 38,400 + 14,800 + 400 – 1,800
B 483,700 + 38,400 – 14,800 + 400 – 1,800
C 483,700 + 38,400 – 14,800 – 400 + 1,800
D 483,700 – 38,400 + 14,800 – 400 + 1,800 (Correct)

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