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The following information was obtained from the accounting records of Letty Sto...
✅ Перевірена відповідь на це питання доступна нижче. Наші рішення, перевірені спільнотою, допомагають краще зрозуміти матеріал.
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)