Question 2 25 Marks The following information was extracted from Lockdown Traders books for 31 July 2021 financial year. Lockdown requested you to assist with missing information. Use the information below to complete the financial statements. 2 (a). 12 Marks Lockdown Traders Statement of Comprehensive Income as at 31 July 2021 Sales Less: Cost of goods sold: Opening Stock 36 800 Add: Purchases ? (b) ? (a) 185 900 Closing Stock 23 700 Cost of Sale ? (c) ? (d) Gross Profit Less: Expenses: 2 (e) Net Profit ? (f) Additional information: 1. Sales margin -20% 2. Net profit margin - 4% 2 (b). 10 Marks Calculate the following: UNAM Mark-up 25 Percent Sales N$ 88 888 Inventory 01.08.2020 N$ 7 250 Inventory 31.07.2021 N$ 6 450 Total Expenses N$ 8 777 Calculate: Gross Profit, Purchases, Cost of Sale and Net Profit? 4 Marks NUST Margin 20 Percent Purchases N$ 22 400 Inventory 01.08.2020 N$ 7 800 Inventory 31.07.2021 N$ 2 560 Total Expenses N$ 8 690 Calculate: Gross Profit, Sales, Cost of Sale and Net Profit? 5 Marks IUM Sales N$ 225 000 Gross Profit N$ 68 400 Calculate: Percentage Mark-up, Margin and amount of Cost of Sale? 4 Marks