QUESTION 1 1.1 REQUIRED Use the information provided below to calculate the following: Value of returns to the supplier on 08 May 2019. Quantity, unit price and total value of closing inventory on 31 May 2019. Total value of the issues to production during May 2019. (Note: A table may be prepared for the transactions but the answers to the questions stated above must appear after the table. Where applicable, round off the weighted average cost per unit to the nearest cent.) INFORMATION The following transactions of Edblow Limited, which uses the weighted average cost method of inventory valuation, took place during May 2019 in respect of a component used in a project: May 01 Inventory of component 180 units @ R20 per unit 05 Issued to production 160 units 06 Purchased from a supplier 480 units @R22 per unit 08 Returned 100 incorrectly supplied components to the supplier (see 06 May) ? 12 Issued to production 300 units 24 Purchased from supplier 100 units @ R25 per unit 31 Issued to production 80 units 1.2 REQUIRED Use the information provided below to calculate the following in respect of Mandy, an employee at Project Z: Cost to company for the duration of the project Net wage for week 3. INFORMATION Simbithi Enterprises submitted the following information for the duration of a project in respect of an employee, Mandy. The hours worked are as follows: Week 1 Week 2 Week 3 Week 4 Sunday 4 0 4 3 Monday 9 10 9 9 Tuesday 10 9 9 10 Wednesday 12 9 9 Thursday 9 9 11 9 Friday 11 9 9 13 Saturday 5 4 2 9 3 Additional information 1. The income tax (PAYE) deduction is 20% of the taxable income (i.e. Gross salary less Pension deduction). 2. The employee's deduction for medical aid amounted to R200 for the week. The employer contributes twice the amount as the employees to the fund. 4. 3. The unemployment insurance fund deduction of each employee amounts to 1% of the gross wage. The employer contributes the same amount as the employees to the fund. Employees are remunerated at R100 per hour during normal working hours. 5. Contributions to the pension fund are calculated on the normal wages and is made up as follows: Employee's deduction 8% Employer's contribution 12% 6. The normal working week is from Monday to Friday for 9 hours per day. Any time worked in addition to this on weekdays and Saturdays is overtime calculated at 15 times the normal rate. 7. Overtime on Sundays is remunerated at double the normal rate
