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?

A

$525,400

B

$527,600

C

$529,200

D

$535,200