The following information was obtained from the accounting records of Letty Stores for the financial year...

 

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The following information was obtained from the accounting records of Letty Stores for the financial year ended 30 June 2021: Inventory (1 July 2020) Sales Purchases Sales returns Purchases returns Drawings: Bank Inventory (30 June 2021) R 100 000 600 000 400 000 2 000 3 000 1 000 120 000 Additional information: 1. On 29 June 2021, the owner took inventory with a cost price of R20 000 for own use. This transaction has not yet been recorded. The entity uses the periodic inventory control system. Required: Use the information provided above to calculate the cost of sales for the year ended 30 June 2021. The following information was obtained from the accounting records of Letty Stores for the financial year ended 30 June 2021: Inventory (1 July 2020) Sales Purchases Sales returns Purchases returns Drawings: Bank Inventory (30 June 2021) R 100 000 600 000 400 000 2 000 3 000 1 000 120 000 Additional information: 1. On 29 June 2021, the owner took inventory with a cost price of R20 000 for own use. This transaction has not yet been recorded. The entity uses the periodic inventory control system. Required: Use the information provided above to calculate the cost of sales for the year ended 30 June 2021.

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To calculate the cost of sales for the year ended 30 June 2021 we need to consider the following ele... View the full answer