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1 . Gainworld entered into the following transactions for the year ended 3 1 December 2 0 2 3 : DATESPRODUCT XUNITSCOST / UNITTOTAL RR

1. Gainworld entered into the following transactions for the year ended 31 December 2023: DATESPRODUCT XUNITSCOST/UNITTOTAL RR1 Jan 2023Opening stock 1001501500030 June 2023purchases 120016519800030 June 2023Trade discount (3500)30 June 2023Transport cost 2300030 June 2023Off-loading cos 650015August 2023sales (1100)200(220000) It was detected at the end of the year that 80 units of the inventory have been damaged and could only be sold for R135 per unit. The company has adopted the weighted average method to keep track of its inventory. Required:1. Pass journal entry to record the cost of inventory is?(2 marks)Question 16 Answera.(a) Debit bank, credit inventory R227000b.(a) Debit inventory, credit creditors R231000c.(a) Debit creditors, credit inventory R224000d.(a) Debit inventory, credit Bank R224000

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