$5\mathrm{.}2$ 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

$16000$