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Question - Ngula (Pty) Ltd uses a periodic inventory system. On 1 February 2022, the Merchandise Inventory Account of Ngula (Pty) Ltd reflected a balance of R30,000. During February 2022, the company had total sales and the total purchases amounting to R128,750 and R112,000, respectively. The company applies a 25% mark-up on cost.
Required - What is the value of closing inventory on 28 February 2022?
A. R28 400
B. R13 250
C. R45 800
D. R39 000
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