The following information relates to Stimulus Traders:
Balance on 31 December 2012 R
Trading inventories on 01 January 2012 15 000
Trading inventories on 31 December 2012 12 000
Inventory of stationary on 31 December 2012 1 500
Sales 166 000
Purchase 90 000
Sales Return 3 000
Purchases Return 5 500
Freight on purchases 3 000
Freight on sales 10 000
Import duty 1 000
Additional information:
The owner took goods worth R2 500 for personal use. This transaction had not been recorded.
Required:
1.1. Calculate Cost of Sales.
1.2. Calculate Gross Profit.