QUESTION 1 (25) 1.1 REQUIRED Calculate the following by applying the first-in-first-out (FIFO) and weighted average cost methods of valuing inventory to the information given below: USING THE FIRST-IN-FIRST-OUT METHOD 1.1.1 Value of inventory on 16 March 1.1.2 Value of inventory on 31 March 1.1.3 Value of issues on 18 March 1.1.4 Total value of issues to production for March. (2) (2) (2) (2) USING THE WEIGHTED AVERAGE METHOD (Note: Round off the average cost per unit to the nearest cent and other amounts to the nearest Rand.) 1.1.5 Weighted average cost per unit on 16 March 1.1.6 Value of returns on 20 March 1.1.7 Value of issues on 18 March 1.1.8 Total value of issues to production for March. (2) (2) (2) (2) Note: Tables may be used to as part of your workings but the answers to each of the above questions must also be supplied separately. INFORMATION The following transactions of Ascar Manufacturers took place during March 2020 in respect of a component used in production at Project M: Mar 01 05 16 18 20 23 27 Opening inventory Issued to production Purchased from a supplier Issued to production Returned to the supplier (see 16 March 2020) Purchased from a supplier Issued to production 200 units @ R9 per unit 100 units 400 units @ R10 per unit 300 units 100 units 900 units @ R11 per unit 500 units 1.2 REQUIRED Use the information given below to answer the following questions: 1.2.1 Calculate the labour cost to Hamlyn Enterprises in respect of G. Luthuli for the week ended 26 September 2020. 1.2.2 Calculate the net wage of G. Luthuli for the week ended 26 September 2020. (5) (4) MANCOSA: POSTGRADUATE DIPLOMA IN PROJECT MANAGEMENT 77 INFORMATION Hamlyn Enterprises submitted the following information for the week ended 26 September 2020 in respect of an employee, G. Luthuli, employed at Project K: Sunday 4 Hours worked Monday to Friday 46 Saturday 5 7 Additional information The normal working week is Monday to Friday and comprises 45 hours. The normal wage rate is R200 per hour. Overtime during the normal working week and on Saturdays is remunerated at time-and-a-half of the normal rate. Overtime on Sundays is remunerated at double the normal rate. The following deductions are applicable to G. Luthuli: 1 Income tax 20% of taxable income (i.e. Gross wage less pension deduction) Pension Unemployment insurance fund 7.5% of normal pay 1% of gross pay Hamlyn Enterprises contributes 9% of the employees' normal wage to the pension fund and gross wage to the unemployment insurance fund