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) ....................

Algebra ->  Finance -> 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) ....................      Log On


   

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) About Me  (Show Source):
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