prepare an extract of the statement of comprehensive income that would reflect, amongst others, the value of closing inventory and gross profit for the year ended 31 December 2020 using the following methods of inventory valuation

first in first out

information saha sportshop had the following inventory of cricket bats 01 January 2020,the start of the financial year

quantity =30bats unit purchase price =R250 carriage on purchases per unit=R10

during 2020 the following purchases, returns and sales were made:

270 bats were purchased at R270 each on 31 March 2020. carriage amount to R10 per unit

100 bats that were purchased on 31 March 2020 were returned to the supplier. no refund could be obtained on the carriage

300 bats were purchased at R280 each on 31 August 2020. carriage amounted to R15 per unit

400 bats were sold during the year at R500 each

note: the carriage costs are not included in the purchase prices stated above