an item of inventory is purchased for 1 500 the sales price was 2 000 but as the ite 592055

An item of inventory is purchased for $1,500. The sales price was $2,000, but as the item has now been replaced by a new model, it can only be sold for a discounted price of $1,350. The scrap value of the item is $1,100. To sell or scrap the inventory will involve transport costs of $100. The value of the inventory for statement of financial position purposes is

  1. $1,500
  2. $1,350
  3. $1,250
  4. $1,000

Purchases made during the month:

Feb 10

6,000 @ $2

Feb 20

3,000 @ $2.20

Feb 28

2,000 @ $2.30

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