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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
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.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education