At 1 July 2015,Epsilon Pty Ltd Had 100 Items of Inventory

question 30

Multiple Choice

At 1 July 2015,Epsilon Pty Ltd had 100 items of inventory which had cost $50 each.During the year ended 30 June 2016,it purchased 1500 items at a cost of $50 each.Of these,200 were returned to the supplier as they were damaged.During the year,1200 items were sold for $80 each,but 50 were returned by customers.Overhead expenses during the year amounted to $15 000.
- What was the value of inventory in the balance sheet at 30 June 2016?

• A) $22 500
• B) $10 000
• C) $7500
• D) $12 500

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