Question 2.4. Daliah Distributors is a trading entity that buys technologically advanced measuring equipment to resell it to interest- ed buyers. The entity applies the periodic inventory system. a. i. REQUIRED Calculate the value of the inventory on hand at 30 June 20.19 by applying the: First-in-first-out method ii. Weighted average method b. Use the information calculated in (a) to prepare two trading statements of Daliah Distributors for the period 1 July 20.18 to 30 June 20.19 to determine the most favourable gross profit for the period. 1. INFORMATION Daliah Distributors provided the following information from the financial records for the period ended 30 June 20.18: Gross profit R154 000 Inventory on hand 30 June 20.18 R42 500 Units of inventory on hand 30 June 20.18 80 2. Extract from the purchase report for the period 1 July 20.18 to 30 June 20.19: Price per batch Date Number of Units 42 22 680 16 515 30 50 27 525 September 2018 December 20.18 January 20.19 March 20.19* April 20.19 30-0 17 250 25 875 45 *During April 20.19 Daliah Distributors returned 10 of the units purchased due to poor quality. A credit not was hote received in acknowledgement of the returns. 3. The following information was provided to you from the sales department for the period 1 July 20.18 to 30 June 20.19: Selling price per unit R799.99 Units sold 200 Units returned by customers and accepted back by Daliah Distributors 3 26. An introduction to the understanding of ACCOUNTING for different entities Question Book - 6th EDITION