Please help me with all answers thanku I will give upvote QUESTION 5!Khaos Limited manufactures a single product. Production cost information for its first year of operation,appears below:Units manufacturedUnits soldDirect labourDirect materialsVariable overheadsFixed overheadsREQUIRED:5.15.1.15.1.25.1.35.280 000 units64 000 unitsR40 per unitR16 per unitR1 200 000R4 400 000Determine, under both the absorption and variable costing methods, the -production cost per unit;profit for the year at a selling price of R180 per unit;cost of closing inventory.Reconcile the profits calculated in 5.1.3.

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QUESTION 5 !Khaos Limited manufactures a single product. Production cost information for its first year of operation, appears below: Units manufactured Units sold Direct labour Direct materials Variable overheads Fixed overheads 80 000 units 64 000 units R40 per unit R16 per unit R1 200 000 R4 400 000

QUESTION 5 !Khaos Limited manufactures a single product. Production cost information for its first year of operation, appears below: Units manufactured Units sold Direct labour Direct materials Variable overheads Fixed overheads 80 000 units 64 000 units R40 per unit R16 per unit R1 200 000 R4 400 000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

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Step 1: Define production cost:-

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Step 2: Calculate production cost per unit using absorption costing and variable costing:-

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Step 3: Calculating profit under both method:-

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Step 4: Calculating cost of closing inventory:-

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