2011_fac1502_test_four_week_seven_solution

2011_fac1502_test_four_week_seven_solution - Cost of Sales...

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FAC1502 SOLUTION TO TEST FOUR WEEK SEVEN Page 1 of 1 1 st Semester 2011 QUESTION (15 marks) (18 minutes) = 1 mark – (amounts must be correct) ( M) = method mark (to be awarded if amount is incorrect but placed correctly) ^ = ½ mark (amounts must be correct) Opening Inventory ^ 60 000 Purchases ^ 84 000 (Purchases Returns) ^ (9 000) Carriage on Purchases ^ 3 000 Cost of Sales ( M) (90 000) Closing Inventory ( M) 47 000
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Unformatted text preview: Cost of Sales = Sales x 100/125 = 120 000 - 7 500 = 112 500 x 100/125 = 90 000 LEDGER OF JUMBO TRADERS TRADING ACCOUNT Inventory  60 000 Sales  120 000 Purchases  84 000 Purchases Returns  9 000 Sales Returns  7 500 Inventory  47 000 Carriage on Purchases  3 000 Profit & Loss (gross profit)  (  M) 21 500 R176 000 R176 000 1. Calculation of Closing Inventory (31 March 2009) 2....
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