Talktok Limited could not conduct its annual stock taking at the financial year ended 30 November 2021. Therefore, the stock taking was shifted to 6 December 2021 when the value of inventories was ascertained at N1,710,000 at cost. During the period from 1 December to 5 December 2021, the following transactions took place.
i. Goods purchased and delivered on 1 December was N200,000
ii. Goods worth N600,000 were sold to Customers on 4 December at a gross
margin at 20%
iii. Goods returned to suppliers on 3 December is N60,000
Calculate the value of inventories at 30 November 2021. N2,170,000