The information which follows, was obtained from the accounting records of Vista Traders on 29 February 2020, the end of the accounting period: Inventory on 28 February 2019 250 000 Inventory on 29 February 2020 200 000 Purchases 900 000 50 000 Carriage on purchases 10 000 Carriage on sales 1900 000 Sales Which of the following represents the cost of sales for the year ended 29 February 2020? O A. R990 000 O B. R1 000 000 O C. R1 400 000 D. R900 000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Hi please assist

The information which follows, was obtained from the accounting records of Vista Traders on
29 February 2020, the end of the accounting period:
FR
Inventory on 28 February 2019
250 000
Inventory on 29 February 2020
200 000
Purchases
900 000
Carriage on purchases
50000
10 000
Carriage on sales
1900 000
Sales
Which of the following represents the cost of sales for the year ended 29 February 2020?
O A. R990 000
O B. R1 000 000
C. R1 400 000
2 D. R900 000
Transcribed Image Text:The information which follows, was obtained from the accounting records of Vista Traders on 29 February 2020, the end of the accounting period: FR Inventory on 28 February 2019 250 000 Inventory on 29 February 2020 200 000 Purchases 900 000 Carriage on purchases 50000 10 000 Carriage on sales 1900 000 Sales Which of the following represents the cost of sales for the year ended 29 February 2020? O A. R990 000 O B. R1 000 000 C. R1 400 000 2 D. R900 000
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Avoiding and Correcting Credit Mistakes
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.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education