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Retailers Ltd had the following transactions regarding a particular stock item for the month of...

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Accounting

Retailers Ltd had the following transactions regarding a particular stock item for the month of April 20x1:
1 Opening inventory 65 units at R30
2 Sold 20 units.
7 Purchased 85 units at R35 each.
15 Purchased 115 units at R25 each.
20 Sold 215 units.
25 Purchased 65 units at R30 each.
30 Sold 70 units.
The company requires a 20% mark-up on cost price.
Required
For the month of April 20x1:

5.1 Calculate the gross profit using WAVCO.

image

Indicate the cost of sales and closing inventory rand values below

Cost of sales =

Closing Inventory =

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