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18.10A Yuan Ltd has an accounting year ended 28 February 2018, Due to staff shortages, the stocktaking had not been undertaken until 9 March 2018 and the inventory valued at this date is f100,600. This value was also used in the company draft accounts for the year ended 28 February 2018 which showed a net profit of f249,600 and a current asset total of E300,000. The selling price of goods is based on cost plus 25%. During the company audit, the following errors were discovered: 1 Sales invoices for goods dispatched to customers during the period 1-9 March 2018 amounted to f43,838 which include carriage on sales of 5%. 2 Goods costing 174,000 were delivered to the company during the period 1-9 March 2018. 3 During the period 1-9 March 2018, returns from customers at selling price were E4,170, and returns to suppliers amounted to 6850 . 4 The inventory valuation of 9 March 2018 included the inventory of the company's office cleaning materials. These materials had all been bought during February 2018 at a cost of E600. 5 Inventory with a selling price of f1,650 had been borrowed by the marketing department on 27 February 2018 to be displayed at an exhibition from 28 February to 16 March. This had helped to attract orders of 27,400 for delivery in April 2018. 6 Inventory with a selling price of 800 was sent to a customer on sale or return basis on 14 February 2018. On 23 February 2018, the customer sold half of the consignment. This credit sale had not yet been recorded in Yuan Ltd's accounts for the year ended 28 February 2018. On 9 March 2018, the remaining half of the consignment had not been returned to Yuan Ltd, and the customer had not signified its acceptance. 7 On 3 March 2018, Yuan Ltd received a batch of free samples which had been included in the inventory valuation at the list price of 20. Required: (a) Prepare a schedule amending the inventory figure as at 28 February 2018. b) Calculate the revised net profit for the year ending 28 February 2018 and the correct value of current assets at that date

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