Question 1 The following information was obtained from the accounting records of Cool Limited for the year ended 28 February 2022: Inventory (1 March 2021) Sales Purchases Not yet answered Marked out of 5.00 Sales returns Purchases returns Freight charges on purchases Freight charges on sales Settlement discount granted R 149 500 750 000 540 000 1 500 2000 650 1 700 350 A physical inventory count on 28 February 2022 indicated that the value of the closing inventory on hand amounted to R400 000. Required: Use the information provided above to calculate the gross profit/loss of Cool Limited for the year ended 28 February 2022. The entity uses the periodic inventory control system.