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Question - Biterite Limited financial year ends on 30 June 2022. The company uses a periodic inventory system. On 31 December 2021, the accountant asks you to prepare interim financial statements of Biterite Limited for the six months ended 31 December 2021. What represents the value of inventory on 1 July 2021?
A. The closing balance of the cost of sales account in the general ledger.
B. The opening balance of the purchases account.
C. The opening balance of the inventory of merchandise account.
D. The opening balance of the cost of sales account in the general ledger.
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