A business valued its inventory at the year end at cost, $24650. This did not take account of the
following.
1 Goods had been invoiced to a customer at $3000 and included in sales. They should have been treated as goods on sale or return as the customer had not indicated they would buy them.
2 Goods purchased for $\$ 6400$ and included in the inventory have been damaged and now have a sales value of $\$ 5700$.
3 Returns inwards which had been sold for $800 had not been included in the inventory.
The business has a mark-up of 25%.
What was the correct value of the inventory?
1 )
$26350
$26990
3 )
$27590
4 )
$27750
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