Cosmic Cals (Pty) Ltd , a seller of personalized scientific calculators, had an inventory of 40 calculators.
Question:
Cosmic Cals (Pty) Ltd , a seller of personalized scientific calculators, had an inventory of
40 calculators. The value of these calculators is R15 400 each on the 1 January 2022.
During the current year the following purchases were made:
580 units at R16 800 each on 25 February 2022
200 units at R17 600 each on 30 September 2022
60 units at R18 000 each on 15 November 2022
During the year 780 computers were sold at R28 000 each. The companys' year end is
31 December 2022.
Required:
The value of closing inventory and cost of sales if the FIFO method of valuing
inventories is used.
The value of closing inventory and gross profit if the weighted average cost
method of valuing inventories is used. (10)
List six factors that affect the demand of stock.
(6)
International Financial Reporting A Practical Guide
ISBN: 978-1292200743
6th edition
Authors: Alan Melville