After stocktaking for the year ended 31 May 20X2 had

#8241
After stocktaking for the year ended 31 May 20X2 had taken place, the closing inventory of
Cobden Ltd was aggregated to a figure of £87,612. During the course of the audit that followed,
the undernoted facts were discovered:1. Some goods stored outside had been included at their
normal cost price of £570. They had, however, deteriorated and would require an estimated
£120 to be spent to restore them to their original condition, after which they could be sold for
£800.2. Some goods had been damaged and were now un-saleable. They could, however, be
sold for £110 as spares after repairs estimated at £40 had been carried out. They had originally
cost £200.3. One inventory sheet had been over added by £126 and another under-added by
£72.4. Cobden Ltd had received goods costing £2,010 during the last week of May 20X2 but
because the invoices did not arrive until June 20X2, they have not been included in
inventories.5. An inventory sheet total of £1,234 had been transferred to the summary sheet as
£1,243.6. Invoices totaling £638 arrived during the last week of May 20X2 (and were included in
purchases and in trade payables) but, because of transport delays, the goods did not arrive until
late June 20X2 and were not included in closing inventory.7. Portable generators on hire from
another company at a charge of £347 were included, at this figure, in inventories.8. Free
samples sent to Cobden Ltd by various suppliers had been included in inventories at the
catalogue price of £63.9. Goods costing £418 sent to customers on a sale or return basis had
been included in inventories by Cobden Ltd at their selling price, £602.10. Goods sent on a sale
or return basis to Cobden Ltd had been included in inventories at the amount payable (£267) if
retained. No decision to retain had been made.RequiredUsing such of the above information as
is relevant, prepare a schedule amending the inventory figure as at 31 May 20X2. State your
reason for each amendment or for not making an amendment?View Solution:
After stocktaking for the year ended 31 May 20X2 had

ANSWER
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