the module is cost management accounting

Question 2 [23] The following represents an actual abridged statement of financial position of a company on 31 December 2021: R Share capital - ordinary shares 229 000 Retained income 35 000 Creditors 12 000 Provision for taxation 10 000 286 000 Land and buildings Machinery At cost Accumulated depreciation Furniture and fittings At cost Accumulated depreciation Inventory Raw material A Raw material B Finished goods - product P Finished goods - producto Debtors Bank 150 000 60 000 100 000 40 000 14 000 30 000 16 000 42 575 9 900 7 200 13 400 12 075 11 000 8 425 286 000 The following details are planned (budgeted) for the period 1 January to 31 December 2022: a. Two types of products, namely product P and producto, are to be manufactured. b. The standard composition for the products is as follows: Finished product P Quantity Cost Raw material A 5 units R2.20 each Raw material B 4 units R3.60 each Direct labour 12 hours R5.05 per hour Manufacturing overheads 12 hours R4.00 per hour Finished producto Quantity Cost Raw material A 11 units R2.20 each Raw material B 6 units R3.60 each Direct labour 12 hours 5.05 per hour Manufacturing overheads 14 hours R4.00 per hour C. Expected (budgeted) sales for the period 1 January to 31 December 2022 Product Product P Producto Quantity 8 000 units 2 000 units Selling price R150 each R210 each d. Inventory on hand: Product P Producto Raw material A Raw material B Actual opening inventory 100 units 70 units 4 500 units 2 000 units Expected (budgeted) closing inventory 110 units 80 units 5 000 units 3 000 units Required: Show all calculations. Draft the following budgets for the year ended 31 December 2022: 2.1. Sales budget 2.2. Production budget for product P (in units) 2.3. Production budget for producto (in units) 2.4. Direct material usage budget in rand for material A 2.5. Direct material usage budget in rand for material B 2.6. Direct material purchases budget for material A in units and in rand 2.7. Direct material purchases budget for material B in units and in rand 2.8. Direct labour budget for product Pin hours and in rand 2.9. Direct labour budget for product in hours and in rand (1) (1)