Anonymous
Mar 30
1. What is the cost of sales amount for the year ended 28 February 20.4? 2. Which amount represents the gross profit figure for the year ended 28 February 20.4?
Inventory R600 000
Purchases R350 000
Sales R450 000
Purchase returns R1200
Sales returns R2000
Freight charges on purchase R650
Freight charges on sales R1300
Settlement discount received R235
Settlement discount granted R350
A physical inventory count on 28 February 20.4 indicated that inventory on hand amounted to
R540 000. The periodic inventory system is in use.
Purchases R350 000
Sales R450 000
Purchase returns R1200
Sales returns R2000
Freight charges on purchase R650
Freight charges on sales R1300
Settlement discount received R235
Settlement discount granted R350
A physical inventory count on 28 February 20.4 indicated that inventory on hand amounted to
R540 000. The periodic inventory system is in use.
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ChatGPT
Mar 30
1. The cost of sales amount for the year ended 28 February 20.4 is not provided in the question. Without this information, it is not possible to determine the exact cost of sales amount.
2. The gross profit figure for the year ended 28 February 20.4 can be calculated by subtracting the cost of sales from the total sales revenue. If the cost of sales amount is provided, we can calculate the gross profit figure.
2. The gross profit figure for the year ended 28 February 20.4 can be calculated by subtracting the cost of sales from the total sales revenue. If the cost of sales amount is provided, we can calculate the gross profit figure.
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