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QUESTION 4 ( 2 0 Marks ) REQUIRED Use the information provided below to prepare the following 4 . 1 Cost Statement for the year

QUESTION 4
(20 Marks)
REQUIRED
Use the information provided below to prepare the following
4.1 Cost Statement for the year ended 29 February 2024, that shows the cost of goods manufactured and cost of goods sold.
4.2 Income Statement for the year ended 29 February 2024
(16 marks)
(4 marks)
INFORMATION
The following information was supplied by Kimby Ltd for Product Zap (which it manulactures) for the year ended 29 February 2024 :
Materials:
\table[[Opening inventory,200000kg at R4 per kg],[Purchases during the year,2700000kg at R5 per kg],[Closing inventory,300000kg at R? per kg],[Direct labour:],[Hours worked during the year,300000],[Rate per hour,R50],[Manufacturing overheads,Applied on direct labour hours at a rate of R20 per hour]]
Work in progress:
\table[[Opening inventory,R300000],[Closing inventory,R400000]]
Finished goods:
\table[[Opening inventory,20000 units],[Manufactured,168500 units],[Sales,150000 units],[Selling price per unit,R280]]
The following information is also available:
Actual manufacturing overheads for the year ended 29 February 2024 amounted to R6500000.
The first-in-first-out (FIFO) method is used to cost inventories.
Manufacturing overheads under-applied or over-applied must be charged to cost of sales.
The actual cost of the opening inventory of finished goods was R190 per unit.
Administrative and marketing costs for the year ended 29 February 2024 amounted to R5000000.
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