QUESTION THREE (30 MARKS) The following transactions occurred in the books of Pay n Pick limited...
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QUESTION THREE (30 MARKS) The following transactions occurred in the books of Pay n Pick limited for the month of April 2015: 1 April Purchases 10 000 units @ R1,20 10 April Purchases 12 000 units @ R1,50 15 April Sales 25 000 @ R3,00 20 April Purchases 8 000@ R1,80 23 April Sales 10 000 units @ R3,30 Additional Information: The stock count at 31 March 2015 revealed that 10 000 units at a cost of R1 per unit were on hand. REQUIRED: 5.1 Calculate closing stock at 30 April 2015 using First in First out (FIFO). 5.2 Calculate Cost of sales at 30 April 2015. 5.3 Calculate how much gross profit Pay n pick made in the month of April. (20) (5) (5) QUESTION THREE (30 MARKS) The following transactions occurred in the books of Pay n Pick limited for the month of April 2015: 1 April Purchases 10 000 units @ R1,20 10 April Purchases 12 000 units @ R1,50 15 April Sales 25 000 @ R3,00 20 April Purchases 8 000@ R1,80 23 April Sales 10 000 units @ R3,30 Additional Information: The stock count at 31 March 2015 revealed that 10 000 units at a cost of R1 per unit were on hand. REQUIRED: 5.1 Calculate closing stock at 30 April 2015 using First in First out (FIFO). 5.2 Calculate Cost of sales at 30 April 2015. 5.3 Calculate how much gross profit Pay n pick made in the month of April. (20) (5) (5)
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Related Book For
Fundamentals of Cost Accounting
ISBN: 978-1259565403
5th edition
Authors: William Lanen, Shannon Anderson, Michael Maher
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