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The following information was obtained from the accounting records of Cool Limi...
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The following information was obtained from the accounting records of Cool Limited for the year ended 28 February 2022:
|
R
|
Inventory (1 March 2021)
|
149 500
|
Sales
|
750 000
|
Purchases
|
540 000
|
Sales returns
|
1 500
|
Purchases returns
|
2 000
|
Freight charges on purchases
|
650
|
Freight charges on sales
|
1 700
|
Settlement discount granted
|
350
|
A physical inventory count on 28 February 2022 indicated that the value of the closing inventory on hand amounted to R400 000.
Required:
Use the information provided above to calculate
the gross profit/loss of Cool Limited for the year ended 28 February 2022. The entity uses the periodic inventory
control system.
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
3. If the total amount calculated is a loss, please enter the amount as a negative (eg: -12141.72), if the amount calculated is a profit, please enter the amount as a positive (eg: 12141.72)