Determine the value of inventory as at 31 October 2022 and gross profit for October 2022 from the information supplied below. Show an extract of the Statement of Comprehensive Income to present your answer. 

INFORMATION 

You are provided with the inventory record of Compuman, which sells laptops, for the month ended 31 October 2022. The business uses the specific identification method to value inventories 

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Inventory record for laptops for the month ended 31 October 2022: Model Purchase Inventory on Purchases Sales Mecer Asus Dell price R 11 000 13 000 15 000 01 October Units R 21 ? 14 11 ? ? and carriage Units R 35 ? 66 39 ? ? Units 51 60 40 Price R14 000 R17 000 R19 000 Inventory on 31 October R Units ? ? ? ? ? ? R ? ? ? Note: The purchase price was unchanged during October 2022. The purchase prices above exclude carriage on purchases of R100 for each laptop. Inventory record for laptops for the month ended 31 October 2022: Model Purchase Inventory on Purchases Sales Mecer Asus Dell price R 11 000 13 000 15 000 01 October Units R 21 ? 14 11 ? ? and carriage Units R 35 ? 66 39 ? ? Units 51 60 40 Price R14 000 R17 000 R19 000 Inventory on 31 October R Units ? ? ? ? ? ? R ? ? ? Note: The purchase price was unchanged during October 2022. The purchase prices above exclude carriage on purchases of R100 for each laptop.

Answer rating: 100% (QA)

SOLUTION To determine the value of inventory as at 31 October 2022 and the gross profit for October 2022 we need to calculate the cost of goods sold C... View the full answer