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FAC1503-25-S1

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What is the classification of inventory in the statement of financial position?
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What is a current asset?
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What is the periodic inventory system?
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An inventory items mark-up percentage is 60% and the cost price is R280. Calculate the selling price.

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An inventory items mark-up percentage is 40% and the selling price is R280. Calculate the cost price.

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What is the perpetual inventory system?
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An inventory items selling price is R300 and the cost price is R120. Calculate the mark-up% (Gross profit % – GP%).

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What is the FIFO method of valuing inventory?
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How is cost of sales calculated in the periodic inventory system?
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