The cash sale of inventory of R 28 549.50 (Selling price inclusive of VAT), less a trade discount of 8%. The perpetual inventory method is used and MU% = 60%. VAT is levied at 15%. This will be recorded as follows in the cashbook receipts:

The initial selling price is R 28 549.50. A trade discount of 8% is applied.

$$\text{Discount amount} = \text{R } 28\,549.50 \times 0.08 = \text{R } 2\,283.96$$ $$\text{Selling price after discount} = \text{R } 28\,549.50 - \text{R } 2\,283.96 = \text{R } 26\,265.54$$

This amount will be recorded in the Analysis of receipts column and the Bank column.

The selling price after discount (R 26 265.54) is inclusive of 15% VAT.
To find the VAT amount:

$$\text{VAT Output} = \text{Selling price after discount} \times \frac{\text{VAT rate}}{1 + \text{VAT rate}}$$ $$\text{VAT Output} = \text{R } 26\,265.54 \times \frac{0.15}{1.15}$$ $$\text{VAT Output} = \text{R } 3\,425.94$$

The sales amount is the selling price after discount minus the VAT output.

$$\text{Sales (ex-VAT)} = \text{R } 26\,265.54 - \text{R } 3\,425.94$$ $$\text{Sales (ex-VAT)} = \text{R } 22\,839.60$$

The markup percentage (MU%) is 60% on cost. This means the selling price (ex-VAT) is 160% of the cost.

$$\text{Sales (ex-VAT)} = \text{Cost of Sales} \times (1 + \text{Markup percentage})$$ $$\text{R } 22\,839.60 = \text{Cost of Sales} \times (1 + 0.60)$$ $$\text{R } 22\,839.60 = \text{Cost of Sales} \times 1.60$$ $$\text{Cost of Sales} = \frac{\text{R } 22\,839.60}{1.60}$$ $$\text{Cost of Sales} = \text{R } 14\,274.75$$

• Analysis of receipts column: R 26 265.54
• Bank column: R 26 265.54
• VAT output column: R 3 425.94
• Sales column: R 22 839.60
• Cost of sales column: R 14 274.75

Option d matches all these calculated values.

The final answer is $\text{d}$