22 REQUIRED calculate the rate of inventory tumover from the information provided below. (5 marks) INFORMATION The following figures were supplied by Ceres Stores for the year ended 31 December 2019 for the fruit juice that it sells Opening inventory Sales Gross profit R 90 000 2052 000 540 000 162 000 Closing inventory Alec Eiffer Effe 2.3 REQUIRED Determine the value of closing inventory as at 31 March 2020 and gross profit for March 2020 from the information supplied below. Use the format of the Statement of Comprehensive (7 marks) Income to present your answer. INFORMATION You are provided with the inventory record of Coolair Inc, which sells air conditioners, for the month ended 31 March 2020. The business uses the specific identification method to value inventories. Effc b) + The Inventory on 31 March Units R Thi R Inventory record of air conditioners for the month ended 31 March 2020 Model Purchase Inventory on Purchases Sales price 01 March R Units R Units R Units Price (R) Carrier 8 000 6 ? 50 46 12 000 Samsung 9 000 7 ? 60 ? 55 13 000 Daiken 10 000 5 2 40 ? 34 14 000 ? ? ? ? ? ? Ef 2 2 ? Note: The purchase price for each model was unchanged during March 2020. The purchase prices above exclude carriage on purchases of R100 on each air conditioner