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The following information was obtained from the accounting records of Cool Limited for the year ended $28$ February $2022$

$\backslash$table$[[,$R$],[$Inventory $(1$ March $2021),149500],[$Sales$,750000],[$Purchases$,540000],[$Sales returns,$1500],[$Purchases returns,$2000],[$Freight charges on purchases,$650],[$Fieight charges on sales,$1700],[$Settlement discount granted,$350]]$

A physical inventory count on $28$ February $2022$ indicated that the value of the closing inventory on hand amounted to R$400000.$

Required:

Une the information provided above to calculate the gross profit$/$lose of Cool Limited for the year ended $28$ February $2022.$ The entity uses the periodic inventory control system.

NB: Instructions

Use a full stop to indicate any decimals $($eg: $1000\mathrm{.}01)$

Only show the amount, do not show the R $($eg; $12141\mathrm{.}72)$

If the total amount calculated is a loss, please enter the amount as a negative $($eg$.-12141\mathrm{.}72),$ if the amount calculated is a profit, please enter the amount as a positive $($eg$.12141\mathrm{.}72)$

Anawer: