QUESTION TWO 2.1 Use the information given below to calculate the net wage of M, Rashford for the last week of June 2022 [100 MARKS] (5 marks) (7 marks) (7 marks) (6 marks) (5 marks) INFORMATION M, Rashford is employed by United Enterprises. The normal working week is 42 hours. M, Rashford worked for 49 hours during the last week of June 2022. He is remunerated at R78 per hour during normal working hours. Overtime is calculated at 212 times the normal rate.

The following are his deductions for the week: Medical aid fund R420.00 Pension fund 9% of the normal wages Income tax. R920

United Enterprises contributes the same amount as the employees towards the medical aid fund and pension fund. 2.2 Calculate the value of closing inventory on 31 January 2023 using the:

The following transactions of Mia Limited took place during January 2023 in respect of a component XYZ used in production:

Jan

01 Stock of component XYZ on hand- 300 units @ R48 per unit

08 Issued to production- 200 units

12 Purchased from supplier- 400 units @ R50 per unit

15 Returned to supplier (purchased on 12 January 2022)- 60 units

18 Issued to production- 340 units

25 Purchased from supplier Issued to production- 280 units @ R52 per unit

27 Issued to Production- 260 units 2.2.1 First-in-first-out (FIFO) method (10 marks) 2.2.2 Weighted Average Cost Method (10 marks)