QUESTION 2 (20) 2.1 REQUIRED Use the information provided below to calculate the cost of sales and gross profit for the year ended December 2019 using the following methods of inventory valuation: 2.1.1 FIFO 2.1.2 Weighted average cost. (Round off the weighted average cost per unit to the nearest cent.) Note: Use the format of the statement of comprehensive income to present your answer. INFORMATION Pentel Suppliers, a stationery store, had the following inventory of math sets on 01 January 2019, the start of the financial year: 20 units at R40 each purchased on 30 November 2018. During 2019 the following transactions were recorded: 300 units at R45 each were purchased on 20 January 2019. 50 units that were purchased on 20 January 2019 were returned to the supplier. 150 units at R50 each were purchased on 31 May 2019. 80 units at R55 were purchased on 30 November 2019. 400 math sets were sold at R80 each during 2019. 2.2 REQUIRED Calculate the economic order quantity (EOQ) for 2020 from the information provided below. (5) INFORMATION The monthly usage of an item during 2020 is estimated at 800 units. The budgeted costs are as follows: The cost per unit is R12. The ordering cost amounts to R10 per order and the holding cost per unit is equal to 10% of the unit cost of the item. 2.3 REQUIRED Use the information given below to determine the cost (as a percentage) to Marcel Traders of not accepting the discount. (5) INFORMATION Walton Wholesalers' usual credit terms to Marcel Traders are 30 days but the supplier is prepared to allow a 2.5% rebate if the account is settled within 10 days