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What the gross profit for the year and the inventory value

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Question - Waterproof Ltd sells cylinders to scuba divers. The closing inventory includes £30,000 being the cost of 200 cylinders damaged in storage. If repaired at a cost of £40 each, the cylinders may be sold for £100 each.

The records before any amendment? show:

Opening inventory £184,800

Purchases £752,400

Sales £858,600

Closing inventory £248,200

What the gross profit for the year and the inventory value in the year-end Statement of financial position?

Reference no: EM133145406

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