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The draft accounts of Lambda Plc for the year ended December 31st, 1998 show a net profit before tax of 327,900 and closing trading stock at cost of 253,850 following a physical stock count. During the audit of the accounts, the following matters have come to light:

1) Items included in stock at 13,400, and which would normally be sold for 19,800, were in a damaged state and were worth only 5,200. 2) Stock costing 22,000 has in error been treated as a fixed asset and depreciation of 10% of cost has been provided for. 3) An item is included in the closing stock valuation at its selling price of 10,200. The gross profit margin on this item is 60%.

What will be the correct figure for the closing stock for 1998

ihedat. :ourts of Lambda Pic for the car onder conter 31st, 1559 on a sportcloc tax of 3227,5CC and CONG:rading stocks: CSP-29,45 folcw nga Pusical stock court. During the audt of the account the following na:bers had come to light Itens ircude in stack at 1949 and sticCLc normalt;tc od for 19.00, viene a damaged staze and wecvort ny E3200 2)Stok cering E22000 hes neter cert catsd scaranc depreciation Cf04 ct cat as tccr ponded for 3) 1 remis ircuded in the closing stock aluat ons saling orice of E10,233. hegess araft margnonicite is 63%). What witc the correct fit for the larg nack fo- 1554: . 7571 20 RSS

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