6 Read the following information and answer questions that follow ( 7 marks ) Tamapo s Trading account for the year ended 3 1 December 2 0 1 9 Sales 2 4 0 , 0 0 0 0 0 Opening Stock 1 6 , 0 0 0 0 0 Add Purchases 1 7 8 , 0 0 0 0 0 1 9 4 , 0 0 0 0 0 Less Closing Stock 1 4 , 0 0 0 0 0 Cost of Goods Sold 1 8 0 , 0 0 0 0 0 Gross Profit 6 0 , 0 0 0 0 0 Required To calculate the following ratios i ) Margin ( 2 marks ) ii ) Mark up ( 2 marks ) iii ) Rate of stock turnover ( 2 marks ) iv ) Gross profit as a percentage of sales ( 1 mark ) 7 The following are the balance, receipts and issues of stocks for Tamapo s inventory for the month of January 2 0 1 9 1 January 2 0 1 9 opening balance of 2 , 0 0 0 0 0 units at P 2 0 2 per unit 1 5 January 2 0 1 9 receipts of 1 0 , 0 0 0 0 0 units at P 2 2 0 per unit 2 5 January 2 0 1 9 issues of 8 , 0 0 0 0 0 units Required Calculate the closing stock using the AVCO method of inventory valuation ( 5 marks

Question: 6 . Read the following information and answer questions that follow. ( 7 marks ) Tamapo s Trading account for the year ended 3 1

6 .

Read the following information and answer questions that follow.

(7

marks

)

Tamapo

s Trading account for the year ended

31

December

2019 .

Sales

240, 000.00

Opening Stock

16, 000.00

Add Purchases

178, 000.00

194, 000.00

Less Closing Stock

14, 000.00

Cost of Goods Sold

180, 000.00

Gross Profit

60, 000.00

Required

To calculate the following ratios:

)

Margin

(2

marks

)

)

Mark

-

(2

marks

)

iii

)

Rate of stock turnover

(2

marks

)

)

Gross profit as a percentage of sales

(1

mark

)

7 .

The following are the balance, receipts and issues of stocks for Tamapo

inventory for the month of January

2019 .

1

January

2019

opening balance of

2, 000.00

units at P

2.02

per unit

15

January

2019

receipts of

10, 000.00

units at P

2.20

per unit

25

January

2019

issues of

8, 000.00

units

Required:

Calculate the closing stock using the AVCO method of inventory valuation.

(5

marks

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