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Q. physical verification of inventory was done on 23 june.The value of inventory was Rs. 4,80,000. Following transactions took place b/w 23 and 30 june:
1. out of goods sent on consignment, goods costing Rs.24,000 were unsold.
2. purchases of Rs. 40,000 were made, out of which goods worth Rs. 16,000 were delivered on 5 july.
3. sales were Rs. 1,36,000 which include goods worth Rs.32,000 sent on approval till 7 july. half of these goods were returned before 30 june, but no intimation is available regarding the remaining goods. goods are sold at cost plus 25 %. however, goods costing Rs. 24000 had been sold for Rs. 12000. what is the value of inventory on 30 june and normal sales??

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