The following transactions occurred in the books of Pay n Pick limited for the month of April 2015: 1 April Purchases 10 000 units @ R1,20 10 April Purchases 12 000 units @ R1,50 15 April Sales 25 000 @ R3,00 20 April Purchases 8 000 @ R1,80 23 April Sales 10 000 units @ R3,30 Additional Information: The stock count at 31 March 2015 revealed that 10 000 units at a cost of R1 per unit were on hand. REQUIRED: 5.1 Calculate closing stock at 30 April 2015 using First in First out (FIFO). (20) 5.2 Calculate Cost of sales at 30 April 2015. (5) 5.3 Calculate how much gross profit Pay n pick made in the month of April.
The following transactions occurred in the books of Pay n Pick limited for the month of April 2015: 1 April Purchases 10 000 units @ R1,20 10 April Purchases 12 000 units @ R1,50 15 April Sales 25 000 @ R3,00 20 April Purchases 8 000 @ R1,80 23 April Sales 10 000 units @ R3,30 Additional Information: The stock count at 31 March 2015 revealed that 10 000 units at a cost of R1 per unit were on hand. REQUIRED: 5.1 Calculate closing stock at 30 April 2015 using First in First out (FIFO). (20) 5.2 Calculate Cost of sales at 30 April 2015. (5) 5.3 Calculate how much gross profit Pay n pick made in the month of April.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 33BE
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The following transactions occurred in the books of Pay n Pick limited for the month of April 2015:
1 April Purchases 10 000 units @ R1,20
10 April Purchases 12 000 units @ R1,50
15 April Sales 25 000 @ R3,00
20 April Purchases 8 000 @ R1,80
23 April Sales 10 000 units @ R3,30
Additional Information:
The stock count at 31 March 2015 revealed that 10 000 units at a cost of R1 per unit were on hand.
REQUIRED:
5.1 Calculate closing stock at 30 April 2015 using First in First out (FIFO). (20)
5.2 Calculate Cost of sales at 30 April 2015. (5)
5.3 Calculate how much gross profit Pay n pick made in the month of April.
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