QUESTION 2 (3 MARKS) REQUIRED Calculate the value of closing inventory and gross profit for...
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QUESTION 2 (3 MARKS) REQUIRED Calculate the value of closing inventory and gross profit for the year ended 31 December 2019 using the 2.1 First-in-first-out method Note: An extract of the Statement of Comprehensive Income must be used to reflect the above. INFORMATION Intek Electronics provides the following information relating to modems that it sells: Date Quantity Carriage on purchases per unit Unit purchase price (excl. carriage on purchases) 500 520 540 80 1 January 2019 February April 120 20 20 30 90 May Opening balance Purchase Purchase Return- unit purchased in April Purchase Purchase Purchase 550 30 July Oct Dec 80 160 560 60580 30 30 During the year 500 units were sold at R750 each
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