QUESTION ONE (10 Marko) The following transactions of Berain Manufacturers, that uses the perpetual inventory system took place during February 2024 in respect of a part used in production: Feb 01 Stock on hand 600 units @R34 per unit 08 Issued to production 420 units 15 Purchased from supplier 1800 units R35.50 per un 16 Issued to production 700 units 17 Returned to supplier (purchased on 15 February 2024) 120 units 26 Issued to production 800 units Using the first-in-first-out (FIFO) method, calculate the value of closing inventory as at 28 February 2024 QUESTION TWO (20 Marks) The following information was extracted from the accounting records of Hilton Manufacturers for the year ended September 20243 Inventory at the beginning of the year Production for the year Sales for the year Selling price per unit Direct Materials cost per unit Direct Labour cost per unit Variable Manufacturing overheads per unit Variable selling and administrative cost per unit Fixed manufacturing overhead cost Fixed selling and administrative cost The company utilises the first-in-first-out method of inventory valuation. REQUIRED: (Round of to two decimal places) 2.1 Prepare the Income Statement using the Marginal Costing method. 2.2 Prepare the income Statement using the Absorption Costing method. UNITS Nil 28 500 24 000 R82 R 22 11 7 5 274 000 95 000 (11) D (9)