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INFORMATION Klicks Stores had 50 toasters at a cost of R100 each (including the cost of carriage) on hand on 01 January 2020, the start
INFORMATION Klicks Stores had 50 toasters at a cost of R100 each (including the cost of carriage) on hand on 01 January 2020, the start of the financial year. During 2020 the following purchases and returns were made: 440 toasters at R100 each were purchased on 30 March 2020. The carriage on purchases amounted to R10 per unit. 45 toasters (purchased on 30 March 2020) were returned to the supplier. A refund was obtained on the carriage. 55 toasters at R120 each were purchased on 30 October 2020. The carriage on purchases amounted to R10 per unit. During the year 400 toasters were sold at R180 each. 2.3 23 Use the information provided by Klicks Stores below to prepare an extract of the statement of (11 marks) comprehensive income for the year ended 31 December 2020 that reflects the value of closing inventory as at 31 December 2020 and gross profit for the year ended 31 December 2020 using the following methods of inventory valuation: 2.3.1 Weighted average cost (Round off the average cost per unit to the nearest cent.) 2.3.2 First-In-First-Out (FIFO) 2.3.3 Last-In-First-Out (LIFO). (4 marks) (4 marks)
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