The bookshop Pagerie had opening inventories of 40,000. During the year, it bought books at a cost of 210,000. Its closing inventories, measured at cost, amount to 50,000. All decreases in inventories are sales whose revenue is recognised in the year; there were no losses and no write-downs. Compute the amount of inventories recognised as an expense for the year.
- Opening inventories
- 40,000
- Purchases for the year (cost)
- 210,000
- Closing inventories
- 50,000