The following information was obtained from the accounting records of Cool Limited for the year ended 28 February 2022: RInventory (1 March 2021)149 500Sales750 000Purchases540 000Sales returns1 500Purchases returns2 000Freight charges on purchases650Freight charges on sales1 700Settlement discount granted350 A physical inventory count on 28 February 2022 indicated that the value of the closing inventory on hand amounted to R400 000. Required:Use the information provided above to calculate the gross profit/loss of Cool Limited for the year ended 28 February 2022.  The entity uses the periodic inventory control system.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:

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:

The following information was available for the year ended December 31, 2022:Net sales $ 300,000Cost of goods sold 210,000Average accounts receivable for the year 15,000Accounts receivable at year-end 18,000Average inventory for the year 60,000Inventory at year-end 70,000The inventory turnover for 2022 was:

An entity just starting business made the following four inventory purchases in June:            June     1          150 units                     $1,500            June     10        130 units                       1,170            June     15        90 units                         1,260            June     23        110 units                          990                                                                        $4,920A physical count of inventory on June 30 reveals that there are 20 units on hand. Using the weighted average cost method the amount allocated to the ending inventory on June 30 is:Question 5Answera.$205b.$180c.$220d.$200

A company's inventory records report the following: Date Activities Units Acquired at Cost Units Sold at RetailAugust 1 Beginning inventory 15 units @ $38 = $570  August 5 Purchase 10 units @ $39 = $390  August 12 Purchase 20 units @ $40 = $800  August 15 Sales   30 units soldUsing the FIFO perpetual inventory method, what is the value of the inventory at August 15 after the sale?Multiple Choice$400$290$600$1,160$1,760

If a firm has a closing inventory of Rs. 25,000, direct expenses incurred during the year are Rs. 48,000, and the sales are Rs. 1,35,000. What is the amount of gross profit earned during the year? Rs. 62,000 Rs. 1,12,000 Rs. 1,58,000 Rs. 76,000