Question - Inventory from trial balance 30/6/2017 was $1,950,000, comprised of:
Raw material - at cost $70,000
Work in progress - at cost 800,000
Finished goods - at cost 1,054,000
Finished goods - at net realisable value 26,000
Finished goods are valued at the lower of cost and net realisable value on a weighted average basis.
What will be the final figure in Balance sheet at year end 30/6/2017 for inventory? And How?