Woolwers has a $29$ February financial yearend. On $29$ February $2024,$ Woolwers auditors preformed an inventory count. According to IFRS, packaging materials qualifies as inventory $$ from the raw materials to the finished goods.

The following values have been assessed on $29$ February $2024$ by the external auditors and confirmed to be correct.

$$ Raw materials on hand to the value of R$890450.$

$$ Packaging materials that were in the process of being manufactured on $29$ February $2024,$ had a total accumulated cost valued at R$850100.$ Packaging materials that are in the process of being manufactured are considered work$-$in progress.

$$ Packaging materials that have been completed and are ready for sale on $29$

$$ February $2024,$ have a total cost price of R$1307000.$

$$ All of inventory on hand as at $29$ February $2024$ will either be used or sold during the next $12$ months.

$$ Earned revenue of R$12550900$ during the period $1$ March $2023$ to $29$ February $2024.$ This includes revenue for selling the entity$$s packaging materials as well as for service delivery performed

$$ Cost of sales amounted to R$5070300$

$$ Debtors$$ list indicates accounts receivable to the value of R$310700$ as at $29$ February $2024.$ This is after bad debt to the value of R$6600$ that occurred during the $2024$ financial year has been removed

$$ bank statement balance as at $29$ February $2024$ is R$1008800$

$$ The cost model is used on land, buildings, machinery, vehicles and equipment. These have a total cost price of R$18741000$ while the total accumulated depreciation is R$4990100$ as at $29$ February $2024.$ The R$4990100$ accumulated depreciation already accounts for the R$508000$ depreciation for the $2024$ financial year

$$ Owns intellectual property. The total capitalised cost of the intellectual property is

R$15500000$ and the accumulated amortisation is R$1820000$ as at $29$ February $2024.$ The

R$1820000$ accumulated amortisation already accounts for the R$331000$ amortisation for the $2024$ financial year

$$ Ordinary shares are trading at R$51\mathrm{.}70$ each on the AltX as on $29$ February $2024$

$$ Have $6$ million authorised ordinary shares but only $1\mathrm{.}5$ million ordinary shares have been issued. The issued ordinary shares reflect a value of R$2250000$ on the annual financial statements of $29$ February $2024.$

$$ Owns $4000$ ordinary shares of another, unrelated entity called Moundew Ltd$.$ These ordinary shares are carried in the annual financial statements at R$96000$

$$ Other expenses incurred during the $2024$ financial year total R$1774150.$ These expenses consist of salaries, administrative expenses, transportation expenses and water and electricity. Any other expenses mentioned elsewhere have not been included as part of the R$1774150.$

$$ Has a seven $(7)$ year loan from Boss Bank. The loan was taken out on $1$March $2021$ for R$3650000.$ According to the loan agreement, the loan is subject to $8\mathrm{.}2\%$ interest quarterly compounding and equal repayments are scheduled on each anniversary of the loan

$$ Retained earnings closing balance is R$26860792\mathrm{.}15.$ This amount already accounts for any dividends declared during the $2024$ financial year

$$ The South African Income Tax rate for companies is $27\%.$ It may be assumed that all the expenses $($besides for any finance cost$)$ and income items are taxable$/$deductible for tax purposes and are to the same value according to the South African Income Tax Act

REQUIRED

Prepare the statement of comprehensive income for Woolwers as at $29$ February $2024$