Quesion 1

Bonivesta Inc, a general merchandiser uses the periodic inventory system. Transactions recorded for January 2022 are as follows:

1 January	Opening inventory	200 units	@R10 per unit
2 January	Issued	70 units
4 January	Received	130 units	@R12 per unit
6 January	Received	150 units	@R13 per unit
7 January	Issued	307 units
10 January	Stock taking

Using the weighted average cost method, calculate the closing inventory on 10 January 2022

Answer

A. R4 810

B. R3 602

C. R1 208

D. R2 860

Question 2

Bonivesta Inc, a general merchandiser uses the periodic inventory system. Transactions recorded for January 2022 are as follows:

1 January	Opening inventory	200 units	@R10 per unit
2 January	Issued	70 units
4 January	Received	130 units	@R12 per unit
6 January	Received	150 units	@R13 per unit
7 January	Issued	307 units
10 January	Stock taking

Using the first-in, first-out method, calculate the cost of goods sold during the period

Answer

A. R3 471

B. R3 560

C. R4 302

D. R4 171