SOLUTION: The following information was obtained from the accounting records of Nkomo Traders for the financial year ended 28 February 2019: R Inventory (1 March 2018) ....................

Question 1139646: The following information was obtained from the accounting records of Nkomo Traders for the financial year ended 28 February 2019:
R
Inventory (1 March 2018) ...................................
200 000
Sales ..................................................................
320 000
Purchases ..........................................................
165 000
Sales returns ......................................................
700
Purchases returns ..............................................
4 600
Freight charges on purchases ............................
500
Freight charges on sales ....................................
1 300
Settlement discount granted ...............................
550
Settlement discount received .............................
165
A physical inventory count on 28 February 2019 indicated that inventory on hand amounted to R75 000. The periodic inventory control system is in use.
1. What is the cost of sales amount for the financial year ended 28 February 2019?
Answer by ikleyn(52786) (Show Source): You can put this solution on YOUR website!
.
Hey, you missed something.

We are the site to help students in Math.

We are not an Accounting Department.

Find another site for such problems.

RELATED QUESTIONS
The following balances/totals were obtained from the financial records of Zulu Traders on (answered by ikleyn)

The following information was obtained from the accounting records of Kamuka Traders for... (answered by ikleyn)

The following account balances/totals are from the accounting records of Super Dealers:... (answered by ikleyn)

The following information is available from the accounting records of Eva Corporation.... (answered by Theo)

The following information pertains to SK Traders for the three months ended 30 June 2021: (answered by ikleyn)

The following information was obtained from a survey of 500 undergraduates in the School... (answered by solver91311)

the following data lists the total number of Papa John's Pizza restaurants in the world... (answered by Fombitz)

Which of the following will be considered as a business organisation with a profit... (answered by ikleyn)

2) Which of the following is not an asset account? A) Notes Payable B) Cash C)... (answered by Alan3354)