You are the cost accountant of Excellent Construction Pty Ltd and your company buys and sells a single standard type of brick. The details for the year ended 31 June 2023 are as follows: 1 July 2022: Opening inventory: 600 bricks at R62 each 30 April 2022: Purchased 115 bricks at R65 each Carriage on these bricks amounted to R250 31 December 2022: Purchased 185 bricks at R75 each Carriage on the bricks amounted to R700 31 May 2023: Purchased 220 bricks at R85 each Carriage on the bricks amounted to R 1 200 During the financial year ended 31 June 2023, 550 bricks were sold R 120 for each. Assume the business uses the FIFO method of valuing inventory

1. How many units of inventory were on hand on 31 June 2023?

A )550 bricks

B )570 bricks

C ) 530 bricks

D) 520 bricks

2. What is the cost of sales of the 550 bricks sold during the financial year ending 31 June 2023?

A) R 31 250

B) R 30 336

C) R 30 100

D) R 34 100

3 What is your companys gross profit?

A) R31 900

B) R 29 900

C) R 35 900

D) R 27 900

4. What is your companys mark-up percentage for the year (Round up or down your answer to the nearest whole number).

A) 70%

B) 62%

C) 94%

D) 60%

5. What is the total amount in your companys trading account using the perpetual inventory system Group?

A) R 64 000

B) R 66 000

C) R 45 000

D) R 62 000