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QUESTION 2 (20 Marks) 2.1 REQUIRED 21.1 Use the information provided below to prepare the Statement of Financial Position of Glenwood Limited as at 31 August 2020. Ensure that the statement includes headings for Non-current assets, Current assets, Equity. Non-current liabilities and Current liabilities. The non-current assets should include columns for Cost, Accumulated Depreciation and Carrying Amount The notes to the financial statements are not required (8 marks) Refer to the Statement of Financial Position that you prepared (in question 2.1.1 above) and answer the following questions: 2.12 Is Glenwood Limited solvent? Explain (2 marks) 2.1.3 Will the company be able to settle its short-term debts? Motivate your answer (2 marks) 2.1.4 Does the statement of financial position provide you with sufficient financial information to make a decision on whether to invest in this company or not? Explain. (2 marks) INFORMATION The following balances were obtained from the accounting records of Glenwood Limited after all the adjustments and closing transfers were completed on 31 August 2020, the end of the financial year, R 105 000 Inventory Accounts receivable 31 500 Loan: Lendit Bank 75 000 300 000 20 000 360 000 Equipment (Cost) Accumulated depreciation on equipment Vehicles (Cost) Accumulated depreciation on vehicles Accounts payable Ordinary share capital Retained earnings 60 000 132 000 367 000 180 000 37 500 Bank (DR) 2.2 REQUIRED Use the information given below to calculate the: 2.2.1 Quantity that should be ordered each time that will keep the both the costs associated with purchasing and the cost of holding inventory as low as possible. 2.2.2 Re-order point INFORMATION (3 marks) (3 marks) The annual sales of a product sold by Umhlali Limited is 3 600 000 units. The purchase price is R12 per unit. The carrying cost of inventory amounts to 25% of the purchase price. The ordering cost is R12 per order. It takes the suppliers 10 days to execute an order. Assume that the business operates for 240 days in a year