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Calculate the total value of these two items of inventory

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Question - Neville has only two items of inventory on hand at its reporting date.

Item 1 - Materials costing $24,000 bought for processing and assembly for a customer under a 'one off' order which is expected to produce a high profit margin. Since buying this material, the cost price has fallen to $20,000.

Item 2 - A machine constructed for another customer for a contracted price of $36,000. This has recently been completed at a cost of $33,600. It has now been discovered that, in order to meet certain health and safety regulations, modifications at an extra cost of $8,400 will be required. The customer has agreed to meet half the extra cost.

Required - Calculate the total value of these two items of inventory in the statement of financial position.

Reference no: EM132619848

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