Accounting 9706 · AS & A Level · Reconciliation and verification

Reconciliation and verification — practice question

Sam could not carry out a physical count of inventory on 31 December 2024. On 3 January 2025, a batch of inventory was sold to Abdul for $\$11\,950$. Its cost price was $\$9\,560$. On 4 January 2025, inventory was returned by Sita. It had first been sold on 21 December 2024 for $\$2\,390$. Its cost price was $\$1\,912$. On 5 January 2025, Sam valued his inventory at cost at $\$59\,750$. What was the inventory value at 31 December 2024?

  • A$\$50\,190$
  • B$\$52\,012$
  • C$\$67\,398$
  • D$\$69\,310$

Worked solution & mark scheme

This 1-mark question has a full step-by-step worked solution and mark scheme.

  • Full mark scheme, point by point
  • Step-by-step worked solution
  • Write your answer & get it marked instantly by AI