Unit 4 Assignment Thuto Computers (Pty) Lid has a store at the local shopping complex and was hit by a severe flood on 27 June 20.9. The flood destroyed most of the inventory in the storeroom. The following information was taken from the trail balance for the reporting period ended 31 December 20.8 Cash sales 700 000 Credit sales 384 000 Cash purchases 364 000 Credit purchases 186 000 Inventories (1 January 20.8) 600 000 Inventories (31 December 20.8) 350 000 Returns (in) 44 000 Returns (out) 100 000 Sales expenses 50 000 Freight (in) 80 000 Freight (out) 60 000 The following information was taken from the trail balance for the period 1 January 20.9 up to the date of the flood: Net sales 425 000 Net purchases 78 880 Sales expenses 48 500 ADDITIONAL INFORMATION: 1. The percentage gross profit on turnover remained constant over the past years. 2. Personnel from the emergency services recovered inventories with no flood damage that was marked at an invoice selling price of R39 600 3. During March 20.9, a sale was held and all goods were sold at 20% discount on the selling price. The total receipts during this sale amounted to R142 000 (incl. VAT) and is included in the sales figure of R425 000. Thuto Computers (Pty) Lid is registered for V T purpo IT is calculated at 14% Test Subm...html A C acer