Giulia deals in fashion goods. At 31 December 20X5 her end of year inventory totals £18 270, valued at cost. Included in this amount is inventory at a cust price of £4 750. Guilia estimates that its...

Giulia deals in fashion goods. At 31 December 20X5 her end of year inventory totals £18 270, valued at cost. Included in this amount is inventory at a cust price of £4 750. Guilia estimates that its net realisable value, however, is only 680. Giulia's opening inventory at 1 January 20XS is £16 777. Revenue for the year is £193 939 and purchases are £141 338. Purchases returns are £1385. Which of the following is correct? Applying the rules of inventory valuation, Giulia's gross profit for the year is: a) £55 479 b) £50 734 c) £500 24 d) 51 409