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HOODIES DELIGHT, a company located in Durban, specialises in the manufacturing of hoodies. The company has a 30 September reporting date and uses the perpetual inventories system and the first-in-first-out inventories valuation method. Hoodies Delight is a VAT vendor and the company does not use control accounts. The manufacturing process for a hoodie goes through four phases, namely: Cutting, sewing, finishing and packing. The finishing phase involves cutting of threads, removing stains, folding and pressing of hoodies. The cutting and packing processes are manual while sewing and finishing sections are automated and do not require manpower. The company uses cotton fabric to make hoodies. The posting to the work-in-progress general account was done through the Pastel accounting package using the general journal entries prepared by an inexperienced financial accountant. R. 4 383 960 Below is the work-in-progress account for the current reporting period: WORK-IN-PROGRESS R 2018 Balance b/d 120 050 | 2019 Finished goods Oct 01 Sep 30 Direct materials 1 300 000 (See note 1) Direct labour 1 560 000 (See note 2) Manufacturing 1 120 600 Balance cld overheads (See note 3) Over-applied 379 400 overheads (See note 3) 4 480 050 2019 Balance bld 96 090 Oct 01 96 090 4 480 050 Additional information: 1. Direct materials The direct materials amount is made up of the following purchases made during the current reporting period: A Cotton fabric Factory cleaning material Total R 1 160 000 140 000 1 300 000 Balances of cotton fabric and factory cleaning material were as follows: Factory cleaning material Cotton fabric 30/09/2019 6 300 88 000 30/09/2018 4.200 92 300 FRK 101 LO 10 2021 The cotton fabric was delivered to Hoodies Delight for R 15 230 (VAT inclusive) during the current reporting period, paid for in cash. The financial accountant passed the following journal entry to account for this transaction: Dr Delivery expenses Cr Bank 15 230 15 230 2. Direct labour The direct labour costs for the year in the given work-in-progress account were made up of the following: Net wages Cutting division - fabric cutting Packing division - packers Human resources (HR) division Cutting division - supervision Packing division - supervision R 650 000 280 000 460 000 100 000 70 000 1 560 000 The above costs were also recorded in the related labour cost accounts at net wages. The HR division is, among other things, responsible for the recruitment of all the administrative and factory employees. Net wages were paid after the deduction of Pay as You Earn (PAYE) and pension fund contributed by employees from gross remuneration. PAYE equalling 25% of labour costs is calculated after subtracting employee's pension contribution from gross remuneration. All employees in the packing division are contract workers and therefore no pension fund contributions are deducted from their remuneration and the employer does not make pension contributions on their behalf. There were no outstanding third-party payments relating to all labour costs at the end of the reporting period, The following monthly pension fund contributions for all employees in their respective divisions were made during the current financial period: Cutting division - fabric cutting HR division Cutting division - supervision Employees' contribution R 12 000 22 000 4 500 38 500 Employer's contribution R 24 000 44 000 9 000 77 000 3. Manufacturing overheads Below are the figures for the current reporting period used by the financial accountant for the manufacturing overheads and over-applied overheads entries in the work-in-progress accounts: R 80 000 32 000 20 600 Depreciation - sewing machines Depreciation - packing machines Depreciation - human resources division equipment Other manufacturing overheads Total manufacturing overheads incurred Allocated manufacturing overheads Over-applied overheads 2 ERK 11102021 988 000 1 120 600 1 500 000 379 400 "Other manufacturing overheads included costs incurred for factory water and electricity, factory machine repairs and maintenance and factory rental. 4. Hoodies Below are balances of hoodies on hand on the respective dates: 30/09/2019 R 300 000 30/09/2018 R 420 000 Hoodies REQUIRED: 1. Prepare the general journal entries to correct all errors made by the inexperienced financial accountant that ONLY affect production cost transactions of Hoodies Delight for the year ended 30 September 2019, in accordance International Financial Reporting Standards (IFRS). (40.5) NOTE: Work with 2 decimals and only round final amounts to the nearest Rand. Indicate the component of the financial statements affected (e.g. P/L (Profit or Loss); OCI (Other Comprehensive Income); Equity; SFP (Statement of Financial Position)). Assume all amounts are VAT exclusive unless told otherwise. Unnecessary journal entries will be negatively marked. Journal dates are not required. Journal narrations are not required. 2. Using the correct account balances (after adjusting for the errors), prepare general journal entries ONLY affecting cost of sales of Hoodies Delight for the year ended 30 September 2019, in accordance with International Financial Reporting Standards (IFRS). (4.5) NOTE: Work with 2 decimals and only round final amounts to the nearest Rand. Assume no entry has been made in the cost sales account yet. Indicate the component of the financial statements affected (e.g. P/L (Profit or Loss): OCI (Other Comprehensive Income); Equity: SFP (Statement of Financial Position)). Assume all amounts are VAT exclusive unless told otherwise. Unnecessary journal entries will be negatively marked Journal dates are not required. Journal narrations are not required. HOODIES DELIGHT, a company located in Durban, specialises in the manufacturing of hoodies. The company has a 30 September reporting date and uses the perpetual inventories system and the first-in-first-out inventories valuation method. Hoodies Delight is a VAT vendor and the company does not use control accounts. The manufacturing process for a hoodie goes through four phases, namely: Cutting, sewing, finishing and packing. The finishing phase involves cutting of threads, removing stains, folding and pressing of hoodies. The cutting and packing processes are manual while sewing and finishing sections are automated and do not require manpower. The company uses cotton fabric to make hoodies. The posting to the work-in-progress general account was done through the Pastel accounting package using the general journal entries prepared by an inexperienced financial accountant. R. 4 383 960 Below is the work-in-progress account for the current reporting period: WORK-IN-PROGRESS R 2018 Balance b/d 120 050 | 2019 Finished goods Oct 01 Sep 30 Direct materials 1 300 000 (See note 1) Direct labour 1 560 000 (See note 2) Manufacturing 1 120 600 Balance cld overheads (See note 3) Over-applied 379 400 overheads (See note 3) 4 480 050 2019 Balance bld 96 090 Oct 01 96 090 4 480 050 Additional information: 1. Direct materials The direct materials amount is made up of the following purchases made during the current reporting period: A Cotton fabric Factory cleaning material Total R 1 160 000 140 000 1 300 000 Balances of cotton fabric and factory cleaning material were as follows: Factory cleaning material Cotton fabric 30/09/2019 6 300 88 000 30/09/2018 4.200 92 300 FRK 101 LO 10 2021 The cotton fabric was delivered to Hoodies Delight for R 15 230 (VAT inclusive) during the current reporting period, paid for in cash. The financial accountant passed the following journal entry to account for this transaction: Dr Delivery expenses Cr Bank 15 230 15 230 2. Direct labour The direct labour costs for the year in the given work-in-progress account were made up of the following: Net wages Cutting division - fabric cutting Packing division - packers Human resources (HR) division Cutting division - supervision Packing division - supervision R 650 000 280 000 460 000 100 000 70 000 1 560 000 The above costs were also recorded in the related labour cost accounts at net wages. The HR division is, among other things, responsible for the recruitment of all the administrative and factory employees. Net wages were paid after the deduction of Pay as You Earn (PAYE) and pension fund contributed by employees from gross remuneration. PAYE equalling 25% of labour costs is calculated after subtracting employee's pension contribution from gross remuneration. All employees in the packing division are contract workers and therefore no pension fund contributions are deducted from their remuneration and the employer does not make pension contributions on their behalf. There were no outstanding third-party payments relating to all labour costs at the end of the reporting period, The following monthly pension fund contributions for all employees in their respective divisions were made during the current financial period: Cutting division - fabric cutting HR division Cutting division - supervision Employees' contribution R 12 000 22 000 4 500 38 500 Employer's contribution R 24 000 44 000 9 000 77 000 3. Manufacturing overheads Below are the figures for the current reporting period used by the financial accountant for the manufacturing overheads and over-applied overheads entries in the work-in-progress accounts: R 80 000 32 000 20 600 Depreciation - sewing machines Depreciation - packing machines Depreciation - human resources division equipment Other manufacturing overheads Total manufacturing overheads incurred Allocated manufacturing overheads Over-applied overheads 2 ERK 11102021 988 000 1 120 600 1 500 000 379 400 "Other manufacturing overheads included costs incurred for factory water and electricity, factory machine repairs and maintenance and factory rental. 4. Hoodies Below are balances of hoodies on hand on the respective dates: 30/09/2019 R 300 000 30/09/2018 R 420 000 Hoodies REQUIRED: 1. Prepare the general journal entries to correct all errors made by the inexperienced financial accountant that ONLY affect production cost transactions of Hoodies Delight for the year ended 30 September 2019, in accordance International Financial Reporting Standards (IFRS). (40.5) NOTE: Work with 2 decimals and only round final amounts to the nearest Rand. Indicate the component of the financial statements affected (e.g. P/L (Profit or Loss); OCI (Other Comprehensive Income); Equity; SFP (Statement of Financial Position)). Assume all amounts are VAT exclusive unless told otherwise. Unnecessary journal entries will be negatively marked. Journal dates are not required. Journal narrations are not required. 2. Using the correct account balances (after adjusting for the errors), prepare general journal entries ONLY affecting cost of sales of Hoodies Delight for the year ended 30 September 2019, in accordance with International Financial Reporting Standards (IFRS). (4.5) NOTE: Work with 2 decimals and only round final amounts to the nearest Rand. Assume no entry has been made in the cost sales account yet. Indicate the component of the financial statements affected (e.g. P/L (Profit or Loss): OCI (Other Comprehensive Income); Equity: SFP (Statement of Financial Position)). Assume all amounts are VAT exclusive unless told otherwise. Unnecessary journal entries will be negatively marked Journal dates are not required. Journal narrations are not required