Question 4 Use the information provided below to prepare the following statements for the year ended 28 February 2022: 4.1 Cost statement 4.2 Income Statement INFORMATION (16 marks) (4 marks) The following information was supplied by Jupiter Ltd for Product A (which it manufactures) for the year ended 28 February 2022: Materials: Opening inventory (100 000 kg) R500 000 Purchases during the year (900 000 kg) R5.50 per kg Closing inventory: Quantity 120 000 kg Direct labour: Hours worked during the year 400 000 hours Rate per hour Manufacturing overheads Work in progress: R25 Applied on direct labour hours at a rate of R15 per hour Opening inventory R500 000 Closing inventory R400 000 Finished goods: Opening inventory 20 000 units Manufactured Sales Selling price per unit 100 000 units 90 000 units R400 The following information is also available: The actual manufacturing overheads amounted to R5 500 000. The first-in-first-out (FIFO) method of costing inventories is used. Manufacturing overheads under- or over-applied must be charged to cost of sales. The actual cost of the opening inventory of finished goods was R200 per unit. Administrative and marketing costs for the period amounted to R5 000 000.