FINANCIAL ACCOUNTING 1 SECTION B: SHORT QUESTIONS (10 MARKs) ANSWER ALL THE QUESTIONS For the following three questions, you must use the scenario stated below: A vendor imported goods, consisting of 250 units with an invoice value of R50 000 . He paid the following amounts in order to get the goods to his location of sale: Freight charges Insurance, while in transit Customs Carriage inwards R 8500 2500 12500 1500 The goods are sold at a selling price of R400 per unit. During the accounting period 80% of the available units were sold QUESTION 1 Calculate the total cost of the goods purchased, and the cost price per unit. [6] QUESTION 2 Calculate the standard mark-up percentage on cost