$5\mathrm{.}1$ CLOSING INVENTORY :

Calculate the Value of the closing inventory on $30$ June $2024$ using the

$5\mathrm{.}1\mathrm{.}1$ Weighted Average Cost Method $(5$ marks$)$

$5\mathrm{.}1\mathrm{.}2$ First$-$in First$-$out Method $(5$ marks$)$

INFORMATION:

DATE

JUNE

CELLPHONE COVERS

NO$.$ OF UNITS

COST PER UNIT R

TOTAL

R

$01$

Opening Inventory

$800$

$12$

$9600$

$10$

Purchases

$1200$

$12$

$14400$

$18$

Purchases

$2000$

$14$

$28000$

$20$

Returns to supplier

$(200)$

$(14)$

$(2800)$

$27$

Purchases

$500$

$15$

$7500$

$?$

$?$

NB : sales for the month is $3700$ units at R$25$ per cover

$5\mathrm{.}2$ PERIODIC SYSTEM Cost of Sales and Gross Profit $(5$ marks$)$

Use the following information to calculate the cost of sales and the gross profit in a statement format for the year ending $29$ February $2024.$

INFORMATION :

ACCOUNTS

R

Opening Inventory $[01$ March $2023]$

$115000$

Closing Inventory $[29$ February $2024]$

$98000$

Purchases

$456000$

Purchases returns

$46000$

Sales

$818750$

Sales returns

$24250$

Carriage on Purchases

$12000$

Custom Duties

$16000$

END OF