Question

"John owns an antiques store and at the end of the year gathers the following information about his inventory:

ItemQuantityCost per itemNRV per item ££
Chippendale chair8 80 100
Van Gogh painting1 50 200,000
18th century dressers3 350 400
1920's lamps 4 250 20

Calculate the value of John's inventory."

Answer 1

To calculate the value of an inventory with items like 1920's lamps, multiply the quantity of each lamp by its price. In this scenario, if there are 4 lamps at $250 each, the total inventory value would be $1,000. Antiques are considered collectibles, with potential future value.

Step-by-step explanation:

The student's question pertains to calculating the value of an inventory containing 1920's lamps. Although the query appears incomplete, I will provide a general approach for such calculations. To calculate the inventory value, one must multiply the quantity of each item by its individual price. For example, if there were 4 lamps each priced at $250, the total value would be computed as follows:

4 lamps × $250 per lamp = $1,000 total value of lamps.

Antiques like these lamps are considered collectibles, which are tangible assets that can serve both for personal enjoyment and as investment items to sell in the future at a potentially higher price.