QUESTION 2 Hennessey Ltd has provided the following data for the year ending 30 June 2020: 126 000 81 000 21 000 19 350 4 500 7500 810 000 442 500 7500 Balances in the ledger at 30 June 2020 included: Finished Goods Inventory (1 July 2019) Direct Materials Inventory (1 July 2019) Indirect Materials Inventory (1 July 2019) Work in process Inventory (1 July 2019) Accrued direct wages Depreciation on factory plant Transactions during the year ending 30 June 2020 Sales Purchases direct materials Returns of direct materials Freight inwards - Direct materials Direct wages paid Supervisor's salary Indirect materials purchased Factory rates Other factory expenses Additional information Physical stocktake at 30 June 2020: Direct material inventory on hand Finished goods inventory on hand Indirect material inventory on hand Work in process inventory on hand 4 500 148 500 24 000 39 000 14 755 66 840 88 650 127 650 16 800 20 550 a. Required; Prepare a cost of Goods Manufactured Statement for Hennessey Led for the period ended 30 June 2020. Prepare the income Statement for Henoessey Ltd for the year ended 30 June 2020. b. $ $ HENNESSEY LTD Cost of Goods Manufactured Statement For the Year Ended 31 December 2020 $ Work in process inventory, July 1 Direct materials Opening raw materials Net Purchases Freight inwards Closing raw materials Direct materials used Direct labour Direct wages incurred Manufacturing overhead Indirect materials Opening indirect materials Purchases Closing indirect materials Indirect materials used Supervisor's salary Factory rates Depreciation factory plant Other factory expenses Total manufacturing overhead Total manufacturing costs Closing work in process inventory Cost of goods manufactured ER Other factory expenses Total manufacturing overhead Total manufacturing costs Closing work in process inventory Cost of goods manufactured ) HENNESSEY LTD Income Statement for the Year Ended 31 December 2020 $ Sales Cost of goods sold Opening inventory finished goods Court of sods manufactured Les Closing inventory finished goods Gross profit QUESTION Your business has the following estimates for the year Sales (20,000 units) $600,000 Feed Costs 530,000 Variable Costa $480.000 Prati 590,000 Required: NB: You are to round your final anwers to two (2) decimal places A Calculate the contribution margin and the contribution marin serta QUESTION 2 Hennessey Ltd has provided the following data for the year ending 30 June 2020: 126 000 81 000 21 000 19 350 4 500 7500 810 000 442 500 7500 Balances in the ledger at 30 June 2020 included: Finished Goods Inventory (1 July 2019) Direct Materials Inventory (1 July 2019) Indirect Materials Inventory (1 July 2019) Work in process Inventory (1 July 2019) Accrued direct wages Depreciation on factory plant Transactions during the year ending 30 June 2020 Sales Purchases direct materials Returns of direct materials Freight inwards - Direct materials Direct wages paid Supervisor's salary Indirect materials purchased Factory rates Other factory expenses Additional information Physical stocktake at 30 June 2020: Direct material inventory on hand Finished goods inventory on hand Indirect material inventory on hand Work in process inventory on hand 4 500 148 500 24 000 39 000 14 755 66 840 88 650 127 650 16 800 20 550 a. Required; Prepare a cost of Goods Manufactured Statement for Hennessey Led for the period ended 30 June 2020. Prepare the income Statement for Henoessey Ltd for the year ended 30 June 2020. b. $ $ HENNESSEY LTD Cost of Goods Manufactured Statement For the Year Ended 31 December 2020 $ Work in process inventory, July 1 Direct materials Opening raw materials Net Purchases Freight inwards Closing raw materials Direct materials used Direct labour Direct wages incurred Manufacturing overhead Indirect materials Opening indirect materials Purchases Closing indirect materials Indirect materials used Supervisor's salary Factory rates Depreciation factory plant Other factory expenses Total manufacturing overhead Total manufacturing costs Closing work in process inventory Cost of goods manufactured ER Other factory expenses Total manufacturing overhead Total manufacturing costs Closing work in process inventory Cost of goods manufactured ) HENNESSEY LTD Income Statement for the Year Ended 31 December 2020 $ Sales Cost of goods sold Opening inventory finished goods Court of sods manufactured Les Closing inventory finished goods Gross profit QUESTION Your business has the following estimates for the year Sales (20,000 units) $600,000 Feed Costs 530,000 Variable Costa $480.000 Prati 590,000 Required: NB: You are to round your final anwers to two (2) decimal places A Calculate the contribution margin and the contribution marin serta