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You work for a company called Fashion Emporium, a retail business that specialises in selling clothing. The company's financial year-end is 30 June 2023. On
You work for a company called "Fashion Emporium", a retail business that specialises in selling clothing. The company's financial year-end is 30 June 2023. On 01 January 2023, Fashion Emporium had 1000 units of jeans in inventory at a cost of R100 per unit. During the month of January 2023, the company purchased an additional 2000 units of jeans at a cost of R110 per unit. The company sold 2500 units of jeans on credit during January 2023 for R150 per unit. Fashion Emporium offers a trade discount of 10% on all sales to customers who purchases more than 10 units of jeans. In addition, the company offers a settlement discount of 2% to customers who pay their bills within 15 days of the invoice date. Additional information: Assume that all transactions are on credit and that Fashion Emporium uses a perpetual inventory system. Assume all jeans are homogeneous. Ignore VAT for this You work for a company called "Fashion Emporium", a retail business that specialises in selling clothing. The company's financial year-end is 30 June 2023. On 01 January 2023, Fashion Emporium had 1000 units of jeans in inventory at a cost of R100 per unit. During the month of January 2023, the company purchased an additional 2000 units of jeans at a cost of R110 per unit. The company sold 2500 units of jeans on credit during January 2023 for R150 per unit. Fashion Emporium offers a trade discount of 10% on all sales to customers who purchases more than 10 units of jeans. In addition, the company offers a settlement discount of 2% to customers who pay their bills within 15 days of the invoice date. Additional information: Assume that all transactions are on credit and that Fashion Emporium uses a perpetual inventory system. Assume all jeans are homogeneous. Ignore VAT for this
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