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Siyeza Traders is an enterprise that sell motor vehicles in the ordinary course of business at a mark-up of 45% on cost. During the current financial period, Siyeza Traders sold eight motor vehicles for a cash price of R80 000 each (15% VAT inclusive). Round your answer off to the nearest Rand.
Question 1: Income earned from the sale of motor vehicles will be disclosed in the statement of profit or loss and other comprehensive income as an amount of ... .
Option (1) R640 000
Option (2) R441 379
Option (3) R544 000
Option (4) R556 520
Option (5) R352 000
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