Q.5.2 You are provided with the following information for DL Traders for the year ended 30 September 2021. DL Traders is not registered for VAT and uses a periodic inventory system. The inventory balance on 1 October 2020 was R28 000. Total cash inventory purchases for the year amounted to R54 000. The purchases column in the creditors journal had a total of R166 000 for the year. The creditors allowance journal reflected purchase returns of R12 000 for the year. Carriage on purchases amounted to R6 200 for the year. Custom duties and import tariffs of R2 000 and R5 700 respectively were incurred for the year. Carriage on sales amounted to R115 000 for the year. The inventory balance on 30 September 2021 was R14 500. Required: Calculate the cost of sales for DL Traders for the year ended 30 September 2021.

Q.5.2 You are provided with the following information for DL Traders for the year ended 30 September 2021. DL Traders is not registered for VAT and uses a periodic inventory system. The inventory balance on 1 October 2020 was R28 000. Total cash inventory purchases for the year amounted to R54 000. The purchases column in the creditors journal had a total of R166 000 for the year. The creditors allowance journal reflected purchase returns of R12 000 for the year. Carriage on purchases amounted to R6 200 for the year. Custom duties and import tariffs of R2 000 and R5 700 respectively were incurred for the year. Carriage on sales amounted to R115 000 for the year. The inventory balance on 30 September 2021 was R14 500. Required: Calculate the cost of sales for DL Traders for the year ended 30 September 2021.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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