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REQUIRED Study the information provided below and answer the following questions: 2 . 2 . 1 Prepare an extract of the Statement of Comprehensive Income
REQUIRED
Study the information provided below and answer the following questions:
Prepare an extract of the Statement of Comprehensive Income to determine the gross
profit for the year ended December and the value of closing inventory as at
December using the LIFO method.
Calculate the value of closing inventory as at December if the weighted average
cost method is used. Express the weighted average cost per unit to the nearest cent.
INFORMATION
Elna Suppliers had the following inventory of retaining blocks on January the start of the
financial year:
During the following purchasesreturns were made:
blocks were purchased at R each on March Carriage amounted to R per unit.
blocks that were purchased on March were returned to the supplier a day later. A refund was
obtained on the carriage.
blocks were purchased at R each on October Carriage amounted to R per unit.
Note: Carriage on purchases are not included in the purchase prices.
Sales during :
During the year blocks were sold. blocks were sold at R each and the balance was sold at R
each.QUESTION
REQUIRED
Use the information provided below to determine the following:
EOQ if discounts are not available.
EOQ where discounts are available.
The following information was provided by GH Suppliers for a product that it sells:
The supplier offered the following discount scheme:
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