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You are the cost accountant of The Big Nine Construction Pty Ltd and your company buys and sells a single standard type of brick. The
You are the cost accountant of The Big Nine Construction Pty Ltd and your company buys and sells a single standard type of brick. The details for the year ended 28 February 2020 are as follows: 1 March 2019: Opening inventory: 600 bricks at R62 each 30 April 2019: Purchased 115 bricks at R65 each Carriage on these bricks amounted to R250 31 August 2019: Purchased 185 bricks at R75 each Carriage on the bricks amounted to R700 31 January 2020: Purchased 220 bricks at R85 each Carriage on the bricks amounted to R 1200 During the financial year ended 28 February 2020,550 bricks were sold R 120 for each. Assume the business uses the FIFO method of valuing inventory u Question 39 1 pts Calculate the number of units of inventory on hand on 28 February 2020 O A.550 bricks O B.570 bricks O C.530 bricks O D.520 bricks Question 40 1 pts Determine the cost of sales. O AR 31250 O B.R30 336 O C.R30 100 O DR 34 100 U Question 41 Calculate the gross profit? O A. R31900 O B.R 29 900 O C.R35 900 O D.R27900 Question 42 12 What is the mark-up percentage for the year (Round up or down your answer to the nearest whole number). O A. 70% O B.62% O C.94% O D. 60%
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