QUESTION 1 1.1 REQUIRED Complete the table for the transactions provided for each of the following methods of inventory valuation: FIFO Weighted Average Cost. (Round off the weighted average cost per unit to the nearest cent and all other amounts to the nearest Rand.) Purchased Issued/Returned Stock on hand Date Quantity Price Value Quantity Price Value Quantity Price Value INFORMATION The following information for March 2020 was extracted from the records of Monalisa Limited, a manufacturing company, for an inventory item used in one of its projects. Date Transaction details 01 Opening inventory 2000 units @ R17 each Purchased 48 000 units @ R18 each 02 15 10 000 units at R19.05 each 22 03 20 000 units @ R20 each Returned to supplier 10 000 damaged units (purchased 02 March) Transferred to the production department 04 30 000 units 17 15 000 units 25 20 000 units 1.2 REQUIRED Use the information given below to calculate the following for the week ended 15 February 2020: 1.2.1 Direct labour cost to company in respect of D. Mbele. 1.2.2 Labour rate per hour. INFORMATION D. Mbele is an employee in a project of Franco Manufacturers. The following are his wage details for the week ended 15 February 2020: Hours worked: *Sunday *Monday to Thursday 4 hours 8 hours per day *Friday *Saturday Pension fund - employee's deduction Pension fund-employer's contribution Income tax deduction Unemployment insurance fund: employee's deduction Unemployment insurance fund: employer's contribution Remuneration during normal working hours Normal working week (Monday to Friday) Remuneration on Saturdays and overtime on weekdays Remuneration on Sundays Guidelines: All answers must be typed out and workings must be showing. 9 hours 5 hours 7.5% of normal wages 10.5% of normal wages 20% of taxable income 1% of gross wages 1% of gross wages R100 per hour 8 hours per day 1 times the normal rate Twice the normal rate