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How the unsold stock should be valued

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Question - Mr. X is a retailer. During the accounting year ending on 31.03.2008 he purchased 500 units @ $350 each and sold 450 units @ $250 each, through his agent who charged a commission of 10% on sales. X also paid $8,000 as expenses. But towards the end of this year the market price fell down to $250 per unit. How the unsold stock should be valued?

Reference no: EM132044152

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