SOMER ZRELINE 1298 097 Ingredients: Pret lostery Acetate Directions Apply disbr Paint the s your on Warnings for estonal of t A Unilever Brand 80 anyode NAWINIO DAIMORE SHOLA Question 2.5. The following information relates to Encyclopaediacs, an entity that trades in learning tools like, calculators, mathemat- ical sets and electronic periodic tables. The accountant applies the perpetual inventory system. REQUIRED a. b. C. Determine the net realisable value of the Cascio calculators on hand at 31 December 20.19. Prepare the general journal entry in the records of Encyclopaediacs, for the financial year ended 31 December 20.19, to adhere to the net realisable value rule as included in IFRS for SMEs. Prepare the following general ledger accounts for Encyclopaediacs for the year ended 31 December 20.19: Inventory Cost of sales INFORMATION 1. According to the accountant of Encyclopaediacs the following amounts were included in the balance of the Inventory account in the general ledger on 31 December 20.19: Price per unit Historical Cascio calculators Mathematical sets Electronic periodic tables R 350.00 100.75 cost R 17 500.00 3 526.25 750.00 30 000.00 2. 3. 4. The balance of the cost of sales account as at 31 December 20.19 was R134 650. Cascio launched a new model of the calculators that Encyclopaediacs have in stock, and this influenced the selling price of the inventory. The Cascio calculators can now be sold for R345 per unit and the normal delivery fee to customers of R20 per unit still applies. A debtor returned two of the mathematical sets, which he bought for R120,90 each, due to clerical error on his side. Encyclopaediacs issued a credit note to the debtor, but this transaction has not been recorded yet. Due to an aggressive marketing campaign at the local schools, the demand for the electronic periodic tables increased to such an extent that the estimated selling price of these items increased with 10%. SOLUTION