Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

REQUIRED Use the information given below to prepare the Income Statement of Costa Enterprises for the year ended 31 December 2022 using the absorption costing

image text in transcribed

REQUIRED Use the information given below to prepare the Income Statement of Costa Enterprises for the year ended 31 December 2022 using the absorption costing method. (10 marks) INFORMATION Costa Enterprises commenced operations on 02 January 2022, and produces a single product that sells for R72 per unit. During 2022, 300000 units of the product were manufactured of which 240000 units were sold. There was no work-in-process inventory at the end of the year. Manufacturing costs and marketing and administrative costs for 2022 were as follows: 2.2 REQUIRED Use the information given below to calculate the net wage of P. Nkosi for the last working week of March 2023 (5 marks) INFORMATION P. Nkosi is employed by Morkel Enterprises. The normal working week is 45 hours. P. Nkosi worked for 49 hours during the last working week of March 2023 She is remunerated at R200 per hour during normal working hours. Overtime is calculated at 15 times the normal rate. The following were her deductions for the week Morkel Enterprises contrbutes the same amount as the employees towards the medical aid fund and pension

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing A Business Risk Approach

Authors: Larry E. Rittenberg, Karla Johnstone, Audrey Gramling

7th Edition

0324663722, 978-0324663723

More Books

Students also viewed these Accounting questions

Question

11. Prove Theorem 11.3.1.

Answered: 1 week ago