Accounting 9706 · AS & A Level · Reconciliation and verification

Reconciliation and verification — practice question

The company’s financial year ends on 30 June, yet the inventory was not able to be counted until 6 July. On that date, the inventory was valued at $86500$. The table lists the inventory changes between 30 June and 6 July: sales (at cost) $1750$; purchases $1550$; returns inwards at cost $310$; returns outwards $190$. What was the inventory value on 30 June?

  • A$86180$
  • B$86420$
  • C$86580$
  • D$86820$

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