he following are the inventory transactions of Maseru (Pty) Ltd, a retailer, for the month ended 30 April 2024. Maseru (Pty) Ltd uses the perpetual inventory system. The company applies a mark-up of 20% of cost on all goods sold. RPurchased inventory for cash405 227Paid for delivery of the inventory in cash8 648Sold inventory for cash384 264Purchased inventory on account117 315Returned unwanted goods to the supplier15 225Sold inventory on account98 400Paid for delivery of sold goods to the customer in cash5 465 Required:Complete the journal entries for the above-mentioned transactions by selecting the appropriate accounts and related data. DebitCredit RRBlank 1405 227 Blank 2 405 227Inventory purchased for cash    DebitCredit RRBlank 38 648 Blank 4 8 648Paid delivery cost of purchases    DebitCredit RRBlank 5Blank 6 Blank 7 Blank 8Cash sales    DebitCredit RRBlank 9Blank 10 Blank 11 Blank 12Recording cost of sales    DebitCredit RRBlank 13117 315 Blank 14 117 315Inventory purchased on account    DebitCredit RRBlank 1515 225 Blank 16 15 225Goods returned    DebitCredit RRBlank 17Blank 18 Blank 19 Blank 20Sales on credit

The following information was obtained from the accounting records of Letty Stores for the financial year ended 30 June 2021: RInventory (1 July 2020)100 000Sales600 000Purchases400 000Sales returns2 000Purchases returns3 000Drawings: Bank1 000Inventory (30 June 2021)120 000Additional information: 1. On 29 June 2021, the owner took inventory with a cost price of R20 000 for own use. This transaction has not yet been recorded.The entity uses the periodic inventory control system. Required:Use the information provided above to calculate the cost of sales for the year ended 30 June 2021.NB: Instructions1. Use a full stop to indicate any decimals (eg: 1000.01)2. Only show the amount, do not show the R (eg: 12141.72)3. If the total amount calculated is a loss, please enter the amount as a negative (eg: -12141.72), if the amount calculated is a profit, please enter the amount as a positive (eg: 12141.72)Answer:

Earle sold inventory on credit for $400. The goods were estimated to have a cost of $150. Under the perpetual inventory method, the sale of goods would be recorded as follows: a. Dr Accounts receivable 400; Cr Sales revenue 400 Dr COGS 150; Cr Inventory 150 b. Dr Accounts receivable 400; Sales revenue 400 c. Dr Accounts receivable 400; Cr Sales revenue 400 Dr COGS 250; Cr Inventory 250 d. Dr Accounts receivable 400; Cr Sales revenue 400 Dr Inventory 150; Cr COGS 150

Assuming the periodic inventory method is used by Selena Pty Ltd for the current period, the following data were taken from the ledger:Purchases$60,000Purchases Returns and Allowances$900Freight-in$300Additional information:  the firm was given a trade discount of $700 when purchasing inventory.Beginning inventory was $12,000 and ending inventory was $16,000. What was cost of sales?  $59,100.   $47,300.   $54,700. Correct!  $55,400.

Vibe Pty Ltd uses the periodic inventory method and had the following inventory information available for 2020: Units Unit cost Total cost 1/1 Beginning inventory 15 $4.00 $ 60 20/1 Purchase 60 $4.40 264 25/7 Purchase 30 $4.20 126 20/10 Purchase 45 $4.80 216 150 $666 A physical count of inventory on 31 December revealed that there were 50 units on hand. Answer the following independent questions and show computations supporting your answers. 3-(A) Calculate the value of the ending inventory at 31 December assuming that the company uses the FIFO method.

Under a perpetual inventory system, acquisition of merchandise for resale is debited to the: Group of answer choices Cost of Sales account. Purchases account. Supplies account. Inventory account.