The following information was obtained from the accounting records of Cool Limited for the year ended...
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The following information was obtained from the accounting records of Cool Limited for the year ended 28 February 2022: Inventory (1 March 2021) Sales Purchases Sales returns Purchases returns Freight charges on purchases Freight charges on sales Settlement discount granted R 149 500 750 000 540 000 1 500 2 000 650 1 700 350 A physical inventory count on 28 February 2022 indicated that the value of the closing inventory on hand amounted to R400 000. Required: Use the information provided above to calculate the gross profit/loss of Cool Limited for the year ended 28 February 2022. The entity uses the periodic inventory control system. The following information was obtained from the accounting records of Cool Limited for the year ended 28 February 2022: Inventory (1 March 2021) Sales Purchases Sales returns Purchases returns Freight charges on purchases Freight charges on sales Settlement discount granted R 149 500 750 000 540 000 1 500 2 000 650 1 700 350 A physical inventory count on 28 February 2022 indicated that the value of the closing inventory on hand amounted to R400 000. Required: Use the information provided above to calculate the gross profit/loss of Cool Limited for the year ended 28 February 2022. The entity uses the periodic inventory control system.
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Auditing and Assurance services an integrated approach
ISBN: 978-0133125689
15th edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
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