QUESTION 1 Ignore VAT (20 MARKS; 36 MINUTES) Your brother, who recently started a business selling pop-itz, is clueless with regards to accounting records. He has asked you to calculate his gross margin as he is excited to learn how much profit his business is making. He has provided you with the following information about his purchases and sales for the month of June 2019 for his business, Toy Palace. Date Details Units Price per unit 05 June 2021 Purchase 140 R4.50 10 June 2021 Purchase 180 R5.50 15 June 2021 Sale 170 R28 25 June 2021 Purchase 30 R3.50 28 June 2021 Sale 165 R30 Additional Information: 1) Toy Palace makes use of the weighted average method to determine cost prices. 2) All purchases and sales were made on credit. 3) There was no opening inventory at the beginning of June 2021. You are required to: a) Calculate the cost of sales your brother should record for the month of June 2021. b) Calculate the closing inventory at 30 June 2021. (11 marks) (1 mark) c) Prepare a Trading Statement for the month ended 30 June 2021. d) What is the gross margin achieved by Toy Palace? (6 marks) (2 marks)