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QUESTION 3: INVENTORY VALUATION (45 marks; 25 minutes) George Grande is the majority shareholder and CEO of Grande Ltd. The company supplies hotels with cabinets and lamps. The periodic system is used. The year-end is 30 September 2019. REQUIRED: CABINETS 3.1 Calculate the value of closing stock for cabinets on 30 September 2019 using the first-in first-out method. (6) 3.2 In 2019 , the company decided to extend the target market and to grant trade discounts to increase sales. 3.2.1 Calculate the \% mark-up achieved in 2019. 3.2.2 Provide TWO points (with figures) to prove that this decision achieved its aims. 3.2.3 The CEO feels that this decision also negatively affected the company. - Provide TWO points (with figures) to support his opinion. - Give the directors advice to solve this problem. Explain TWO points. LAMPS 3.3 Calculate the stockholding period for lamps (use closing stock). 3.4 George is concerned about the control of lamps. An investigation revealed that the store manager was supplying local boarding houses with lamps without documentation. - Calculate the number of missing lamps. - Give TWO suggestions to solve this problem. TELEVISION SETS 3.5 During April 2019, while George was in hospital, Bruce Swann (the chief financial officer) decided to include television sets in their product range. He was able to secure bulk discounts from Roseway on two TV set models, namely LYN and KYA. Calculate the value of the closing stock of TV sets on 30 September 2019 using the specific identification method. (7) 3.6 An employee of Roseway told George that Bruce received a 10\% 'commission' from Roseway for buying excess stock. George wants to discuss this at the next board meeting. Explain THREE different concerns that George would have about this problem. (6) A. Stock records of cabinets and lamps: B. Information relating to cabinets: C. Stock records of television sets