QUESTION 3 (20 Marks) 3.1 REQUIRED Calculate the value of closing inventory as at 31 December 2019 and gross profit for the year ended 31 December 2019 using the weighted average cost method (Round off the average cost per unit to two decimal places and the income statement figures to the nearest Rand) Use the format of the Statement of Comprehensive Income to present your answer. INFORMATION: Compu Manis, a cell phone accessory company's inventory records are presented in the table below: Closing inventory of 220 units at R80 each on 31 December 2018 120 units at RB8 were purchased on 15 March 2019 140 units at R90 were purchased on 15 July 2019 100 units at R94 were purchased on 10 September 2019 During the year (Jan-Dec 2019 500 unit were sold at R160 each REQUIRED 3.2.1 Calculate the incremental profiless after tak. 3.2.2 Determine the incremental rebum on selesithese new customers are accepted. (8 marks) 3 marks) INFORMATION: Osman's Stores is considering extending credit to some customers who may be at risk of defaulting in payment Sales wil increase by R620 000 credit is granted to these customers. From the new accounts receivable generated, 8% is expected to be uncollectable. Additional collection costs will be 4% of sales, and the production and seling costs wil be 65% of sales. The fm is subject to tax at 25% QUESTION 3 (20 Marks) 3.1 REQUIRED Calculate the value of closing inventory as at 31 December 2019 and gross profit for the year ended 31 December 2019 using the weighted average cost method (Round off the average cost per unit to two decimal places and the income statement figures to the nearest Rand) Use the format of the Statement of Comprehensive Income to present your answer. INFORMATION: Compu Manis, a cell phone accessory company's inventory records are presented in the table below: Closing inventory of 220 units at R80 each on 31 December 2018 120 units at RB8 were purchased on 15 March 2019 140 units at R90 were purchased on 15 July 2019 100 units at R94 were purchased on 10 September 2019 During the year (Jan-Dec 2019 500 unit were sold at R160 each REQUIRED 3.2.1 Calculate the incremental profiless after tak. 3.2.2 Determine the incremental rebum on selesithese new customers are accepted. (8 marks) 3 marks) INFORMATION: Osman's Stores is considering extending credit to some customers who may be at risk of defaulting in payment Sales wil increase by R620 000 credit is granted to these customers. From the new accounts receivable generated, 8% is expected to be uncollectable. Additional collection costs will be 4% of sales, and the production and seling costs wil be 65% of sales. The fm is subject to tax at 25%
