Question 2: Manufacturing The following information pertains to Africa 1, a manufacturing entity, for the year ended 31 December 20.20 Extract of balances at 31 December 20.20. Ignore VAT implications and calculate your answers to the nearest Rand. Inventory balances 1 January 20 20: Raw materials (direct) 10 500 Work-in-progress 18 750 Finished goods 35 000 Raw materials purchased for cash (direct and indirect) 47 400 Indirect materials issued to the factory for production 700 Raw materials issued to the factory for production 28 400 Wages and salaries (factory employees) 45 200 Depreciation: Manufacturing equipment 5 350 Office equipment 2 500 Insurance: Factory 6 000 Offices 2000 Rent paid: Factory 3 500 Offices 1 800 Water and electricity: Factory 650 Office 200 Yearly sales 128 794 Additional information 1. Inventory at 31 December 20.20 Raw materials, R28 800 Work-in-progress, R15 500 Finished goods, R20 200 2. All indirect materials purchased were issued to the manufacturing process during the current period 3. An analysis of the R45 200 indicates that 83% was paid to factory workers, while the rest was used for the salaries of the factory supervisor and security officer. REQUIRED: The following ledger accounts: Marks a) Raw material 4 b) Factory overheads 8 c) Work in progress 8 d) Finished goods 3 TOTAL MARKS 23 Show all your calculations. Calculate all amounts towards the nearest Rand. Do not type a R (for Rand) before the amount. Type words exactly as it is typed in the list of balances (e.g. if a capital letter is used-type a capital letter; if a space is typed-type a space) IGNORE VAT