Africa Traders is a registered VAT vendor that buys and sells furniture. The bus...
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Africa Traders is a registered VAT vendor that buys and sells furniture. The business makes use of the periodic inventory system. Use the following information from the accounting records of Africa Traders to calculate the cost of sales on 28 February 2021:
|
| R |
| Inventory (1 March 2020) | 59 800 |
| Sales | 347 990 |
| Purchases | 465 200 |
| Settlement discount received | 5 700 |
| Settlement discount granted | 3 980 |
A physical inventory count on 28 February 2021 indicated that the inventory on hand amounted to R127 500.
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