Payment to Payables N600,000 Payment for Expenses N50,000 Mark-up is 25% and Accrued expenses as at 30 June 2020 N20,000 gestion Four a) Sola provided the following information as at 31 December 2018 Inventory 1 January 2018 - N12.000 Purchases - 68.000 Mark-up -25% Average Inventory - N30,000 ou are required to calculate closing inventory.cost of goods sold, inventory tumover ratio and sales. b) The opening inventory of a trader is given as N14,750. his purchases less returns for the year amounts to N72.100 and his closing inventory is valued at N10.650. i. Calculate his cost of goods sold. ii. If his margin is 20%, calculate his turnover (Sales) Puestion Five State the meaning and purpose of control accounts From the following information prepare the Receivable Ledger Control Account for the month of January, 021 Debit balance in Receivable Ledger on 1 January Credit balances on Receivable Ledger on 1 January Sales during the month Cash received from Trade Receivables Discount Allowed to Trade Receivables Bad debts written off Sales returns during the month Debit balances transferred to Trade Payable Ledger (Set off) Credit balances in Trade Receivable Ledger on 31 January 172. 500 1.250 475.000 387.500 17.500 5.000 12.500 2.500 1.500 mestion Six Write short notes on: (a) Prime cost (b) Factory overhead (c) Work in progress Mention three values at which manufactured goods can be transferred to trading account Allocate the following expenses to Manufacturing 50%: Administration 30%: Selling and Distribution 20% Rent N2.000.000 Insurance N800.000