Retailers Ltd had the following transactions regarding a particular stock item for the month of April 20x1:

1 Opening inventory 155 units at R60

2 Sold 25 units.

7 Purchased 170 units at R25 each.

15 Purchased 120 units at R10 each.

20 Sold 410 units.

25 Purchased 75 units at R30 each.

30 Sold 80 units.

The company requires a 20% mark-up on cost price.

Required

For the month of April 20x1:

5.1 Calculate the gross profit using FIFO.

Indicate the cost of sales and closing inventory rand values below

Cost of sales =

Answer for part 49

Closing Inventory =

Answer for part 50