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Question 1 (24 Marks) The following information has been obtained from the financial records of Rundu Textiles Limited that makes all sort of apparels, for the year that ended on 31 May 2019: 1 June 2018 31 May 2019 NS N$ Inventory: Finished goods 400 000 ? Work in progress 150 000 250 000 Raw materials 100 000 150 000 Fabric purchased 600 000 Custom duties on fabric purchased 50 000 Direct wages $00 000 Rental expense 20 500 Depreciation: Manufacturing machinery 10 500 Power consumption 20 000 Maintenance and repairs 5 000 Depreciation: Motor vehicles 80 000 Indirect labour 10 000 Indirect materials 10 000 Insurance 20 500 Additional information: 1. The factory produced 2 000 000 units for the current year 2. Wages of cutters and machine operators amounting to N$ 100 000 was incurred but not recorded. These workers are involved in producing apparels. 3. The factory adds 15% to the manufacturing costs of finished goods before the goods are transferred to the sales department. 4. Rundu Textiles Limited occupies approximately 500 m of the premises, of which 80% are occupied by the factory and the rest by the sales department for renting and municipal utilities purposes. 5. Maintenance and repairs relate to factory machinery only. 6. Delivery motor vehicles are used 90% in the factory and the rest in the sales departmen. 2/4 Manufacturing machinery is only used in the factory. 7. The balance on the insurance account represent two premiums paid as follows: . N$ 15 000 on a one-year fire policy effective from 1 January 2019 NS 10 000 on a one-year theft policy effective from 1 March 2019. 80% of the insurance policies directly relates to the factory. 8. An account of N$ 5 000 dated 1 May 2019 for customs duties was only received on 1 June 2019. 9. As at 31 May 250 000 finished goods units were on hand. REQUIRED: Marks 1.2 Prepare a manufacturing cost statement for Rundu Textiles Limited for the year ended 31 May 2019 15 1.4 Calculate the value of finished goods inventory on hand as at 31 May 2019. 2 Prepare the allowance for unrealised profit account 4 1.6 Show how inventory will appear in the statement of financial position of Rundu Textiles Limited as at 31 May 2019 3 Total marks 24