The cost of sales is (1) 47 500
The cost of sales = Inventory (1 July 20.7) + Cash purchases + Credit purchases - Purchases returns + Freight inwards - Settlement discount received - Value of taps and basins to the local crèche - Inventory (31 July 20.8)
The cost of sales = 150000 + 15000 + 6000 – 2000 + 1200 – 1700 – 1000 – 120000 = 47500
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