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The following information was obtained from the accounting records of Letty Sto...
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The following information was obtained from the accounting records of Letty Stores for the financial year ended 30 June 2021:
|
R
|
Inventory (1 July 2020)
|
100 000
|
Sales
|
600 000
|
Purchases
|
400 000
|
Sales returns
|
2 000
|
Purchases returns
|
3 000
|
Drawings: Bank
|
1 000
|
Inventory (30 June 2021)
|
120 000
|
Additional information:
1. On 29 June 2021, the owner took inventory with a cost price of R20 000 for own use. This transaction has not yet been recorded.
The entity uses the periodic inventory control system.
Required:
Use the information provided above to calculate the cost of sales for the year ended 30 June 2021.
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)