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2.2 REQUIRED Use the information provided below to prepare the extract of the statement of...

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Accounting

2.2 REQUIRED Use the information provided below to prepare the extract of the statement of comprehensive income for the year ended 28 February 2023 that includes, amongst other items, the values of opening inventory, closing inventory and gross profit using the following methods of inventory valuation: 2.2.1 First-in-first-out (4 marks) 2.2.2 Weighted average cost. (Express the average cost per unit in Rands and cents.) (4 marks) INFORMATION The following details were obtained from the accounting records of Donna Stores for the year ended 28 February 2023: Inventory according to physical count Number of items Total cost On 1 March 2022 8 400 R504 000 On 28 February 2023 ? ? Inventory purchased Date Units Cost price per unit (excluding carriage) Total purchase price 45 800 R3 184 000 May 2022 14 000 R65 R910 000 August 2022 22 200 R70 R1 554 000 February 2023 9 600 R75 R720 000 Note: In addition to the unit prices reflected above, the business also pays R10 per unit for carriage on purchases. During a storm 4 200 items were destroyed. These were all from the February 2023 purchases. Sales 40 000 units were sold at R120 each during the financial year ended 28 February 2023

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