(20 Marks) QUESTION 4 4.1 42 REQUIRED Use the information provided below to prepare the Cost Statement for the year ended 28 February 2018, that shows the cost of goods (16 marks) manufactured and cost of goods sold. Income Statement for the year ended 28 February 2018 (4 marks) INFORMATION The following information was supplied by Jehcon Ltd for Product Kip (which it manufactures) for the year ended 28 February 2018 Materials: Opening inventory (80 000 kg) R600 000 Purchases during the year (1 080 000 kg) R8.10 per kg Closing inventory: Quantity 120 000 kg Direct labour: Hours worked during the year 480 000 Rate per hour R30.00 Manufacturing overheads Applied on direct labour hours at a rate of R18 per hour Work in progress: Opening inventory R600 000 Closing inventory R480 000 Finished goods: Opening inventory 24 000 units Manufactured 120 000 units Sales 110 400 units Selling price per unit R750 The following information is also available: Actual manufacturing overheads amounted to R8 352 000 The first-in-first-out (FIFO) method of costing inventories is used. Manufacturing overheads under-or over-applied must be charged to cost of sales The actual cost of the opening inventory of finished goods was R285 per unit. Administrative and marketing costs for the period amounted to R6 720 000