Question 3: The financial year of Mitex Co ended on 31 December 20X1. An inventory count on January 4, 20X2 gave a total inventory value of $527,300. The following transactions occurred between...

Question 3: The financial year of Mitex Co ended on 31 December 20X1. An inventory count on January 4, 20X2 gave a total inventory value of $527,300. The following transactions occurred between January 1 and January 4. Purchases of goods $7,900 Sales of goods (gross profit margin 40% on sales) $15,000 Goods returned to a supplier $800 What inventory value should be included in Mitex Co’s financial statements at 31 December 20X1?