Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

image text in transcribed

image text in transcribed

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%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Biological Assets

Authors: Rute Goncalves, Patricia Teixeira Lopes

1st Edition

1032096225, 9781032096223

More Books

Students also viewed these Accounting questions

Question

=+3. What level of candor are decision makers willing to receive?

Answered: 1 week ago