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FAC1502 ASSIGNMENT 3 FOR 2ND SEMESTER 2024 WITH DETAILED CALCULATIONS

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Financial Accounting Principles Concepts and Procedures (FAC1502)
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The document contains expected questions and answers for FAC1502 Assignment 3 for 2nd semester with detailed calculations. Direct assistance available at a different fee 0/6/3/1/7/3/8/1/8/1

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FAC1502
ASSIGNMENT 3 FOR 2ND SEMESTER 2024




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The accountant for Gizmo Traders provides you with the following information for the financial
years ended 31 May 20.2; 31 May 20.3 and 31 May 20.4:


20.4 20.3 20.2
Revenue 850 000 550 000 450 000
Cost of sales (400 000) (300 000) (300 000)
Gross profit 450 000 250 000 150 000


The gross profit percentage on cost of sales for the year ended 31 May 20.2 is …


Instructions:
1. Use a full stop to indicate any decimals (eg: 70.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. Don't show the % sign only the numbers (eg: 70.01% is 70.01)


53
Answer:


CALCULATION
450000/850000=0.529
0.529x100=53

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