FAC1501-Assessment 7 Semester 1 2024 Exam Study Questions and Answers
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Course
FAC1501-
Institution
FAC1501-
Assessment 7
Open course index
Started on Tuesday, 21 May 2024, 9:06 AM
State Finished
Completed on Tuesday, 21 May 2024, 10:28 AM
Time taken 1 hour 21 mins
Marks 41.89/55.00
Grade 76.16 out of 100.00
Feedback You passed this assessment with a distinction. Keep up the good work.
Q...
FAC1501-Assessment 7 Semester 1 2024 Exam
Study Questions and Answers
ZUMA001
FAC
8/29/24
,FAC1501-Assessment 7 Semester 1 2024 Exam Study Questions and Answers
FAC1501-Assessment 7 Semester 1 2024
Exam Study Questions and Answers
, FAC1501-Assessment 7 Semester 1 2024 Exam Study Questions and Answers
Assessment 7
Open course index
Started on Tuesday, 21 May 2024, 9:06 AM
State Finished
Completed on Tuesday, 21 May 2024, 10:28 AM
Time taken 1 hour 21 mins
Marks 41.89/55.00
Grade 76.16 out of 100.00
Feedback You passed this assessment with a distinction. Keep up the good work.
Question 1
Correct
Mark 3.00 out of 3.00
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Question text
Africa Traders is a registered VAT vendor that buys and sells furniture. The business makes use of the periodic inventory system. Use the following
information from the accounting records of Africa Traders to calculate the cost of sales on 28 February 2021:
R
Inventory (1 March 2020) 87 650
Sales 362 500
Purchases 215 000
Purchases returns 6 000
Freight on sales 2 500
A physical inventory count on 28 February 2021 indicated that the inventory on hand amounted to R92 500.
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)
FAC1501-Assessment 7 Semester 1 2024 Exam Study Questions and Answers
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