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What is the value of the inventory bought on credit

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Reference no: EM132763994

You are given the following data for a business with a year-end 31/08/2020:

Total sales revenue: £18,000
Inventory as at 01/09/2019: £8,250
Cost of sales: £22,200
Inventory purchases in cash: £11,000

Upon completing the inventory valuation as at 31/08/2020, the business discovered that £250 worth of inventory had been stolen and would need to be written off. In addition, some inventory with a cost of £350 has a net realisable value of £300. The total closing inventory value before any of the aforementioned adjustments amounted to £6,000.

Problem 1: What is the value of the inventory bought on credit during the year ending 31/08/2020?

Select one:

a. £8,700

b. £8,400

c. £8,650

d. £8,950

Reference no: EM132763994

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