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FAC1501 SECTION 3-7 QUIZZIES EXPECTED QUESTIONS AND ANSWERS $5.55
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  3. University Of South Africa (Unisa)
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  5. FAC 1501 (FAC1501)

Exam (elaborations)

FAC1501 SECTION 3-7 QUIZZIES EXPECTED QUESTIONS AND ANSWERS

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  • Course
  • FAC 1501 (FAC1501)
  • Institution
  • University Of South Africa (Unisa)

THIS DOCUMENT CONTAINS A COMPILATION OF ALL THE QUIZZIES THAT YOU NEED TO DO IN ORDER FOR ASSESSSMENT, USING THIS DOCUMENT WILL REDUCE THE TIME YOU NEED TO OPEN THE ASSESSSMENTS BY MORE THAN 70%

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Document information

  • April 23, 2023
  • 127
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

Subjects

  • fac1501 quizzies
  • fac1501 assessment 3
  • dsc1630
  • dsc1520
  • fin2601
  • fin2602
  • dsc1520fac1502
  • ecs1500
  • ecs1501
  • ecs1601
  • ecs2601
  • ecs2602

Written for

  • University of South Africa (Unisa)
  • FAC 1501 (FAC1501)
All documents for this subject (21)

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By: roselinahnthabiseng • 1 year ago

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Started on Sunday, 23 April 2023, 1:19 PM
State Finished
Completed on Sunday, 23 April 2023, 1:26 PM
Time taken 6 mins 52 secs
Marks 5.00/8.00
Grade 62.50 out of 100.00

,Question 1
Correct
Mark 5.00 out of 5.00




The following information was obtained from the accounting records of Cool Limited for the year ended 28 February 2022:
R
Inventory (1 March 2021) 149 500
Sales 750 000
Purchases 540 000
Sales returns 1 500
Purchases returns 2 000
Freight charges on purchases 650
Freight charges on sales 1 700
Settlement discount granted 350


A physical inventory count on 28 February 2022 indicated that the value of the closing inventory on hand amounted to R400 000.


Required:
Use the information provided above to calculate the gross profit/loss of Cool Limited for the year ended 28 February 2022. The entity
uses the periodic inventory control system.

NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
3. If the total amount calculated is a loss, please enter the amount as a negative (eg: -12141.72), if the amount calculated is a profit, please enter
the amount as a positive (eg: 12141.72)




Answer: 460000.00




R R
Turnover (750 000 - 1 500 - 350) 748 150
Less: Cost of sales (288 150)
Inventory (1 March 2018) 149 500
Purchases (540 000 - 2 000) 538 000
Freight charges on purchases 650
688 150
Less: Inventory (28 February 2019) (400 000)
Gross profit 460 000



The correct answer is: 460000

,Question 2
Incorrect
Mark 0.00 out of 3.00




The following information was obtained from the accounting records of Letty Stores for the financial year ended 30 June 2021:
R
Inventory (1 July 2020) 100 000
Sales 600 000
Purchases 400 000
Sales returns 2 000
Purchases returns 3 000
Drawings: Bank 1 000
Inventory (30 June 2021) 120 000


Additional information:
1. On 29 June 2021, the owner took inventory with a cost price of R20 000 for own use. This transaction has not yet been recorded.
The entity uses the periodic inventory control system.


Required:
Use the information provided above to calculate the cost of sales for the year ended 30 June 2021.
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
3. If the total amount calculated is a loss, please enter the amount as a negative (eg: -12141.72), if the amount calculated is a profit, please enter
the amount as a positive (eg: 12141.72)




Answer: 377000.00




R
Inventory (1 July 2020) 100 000
Add: *Net purchases 377 000
477 000
Less: Inventory (30 June 2021) (120 000)
Cost of sales 357 000



*Net purchases = Purchases - purchases returns - drawings
= R400 000 - R3 000 - R20 000
= R377 000


The correct answer is: 357000




◄ D - Periodic inventory system summary

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