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Calculate closing stock at April

    Assignment Instructions

    Assignment ID: FG133134257

    Question – 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 –

    1. Calculate closing stock at 30 April 2015 using First in First out (FIFO).

    2. Calculate Cost of sales at 30 April 2015.

    3. Calculate how much gross profit Pay n pick made in the month of April.

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