Homework Answers
| Physical inventory [Refer working note] | $1,885 | ||
| Working note - Calculation of cost of physical inventory at December 31 | |||
| Product |
Quantity Available (a) |
Unit cost (b) |
Total cost (a x b) |
| K | 40 | $7 | $280 |
| L | 42 | $10 | $420 |
| M | 60 | $9 | $540 |
| N | 52 | $5 | $260 |
| P | 55 | $7 | $385 |
| Total cost of the physical inventory [$280 + $420 + $540 + $260 + $385] | $1,885 | ||
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