Prepare the Cost Statement for the year end February 2023 that shows the cost of goods manufactured and cost of sale using the the information provided INFORMATIONThe following information applies to Kompustat Ltd for Product K (which it manufactures) for the year ended 28February 2023:Materials (direct and indirect):Opening inventoryPurchases during the yearDirect materials issued to productionIndirect materials issued to productionClosing inventoryDirect labour■Hours worked during the yearRate per hourAdministrative and marketing costsWork in progress:Opening inventoryClosing inventoryFinished goods:Manufacturing overheads: Applied on direct labour hours at a rate of R6 per hourOpening inventoryManufacturedSalesSelling price per unitR120 000R583 200R638 400R24 000?80 000R12R36 per unit soldR120 000R96 0009 000 units at R108 per unit20 000 units25 000 unitsR156The following information is also available:The actual manufacturing overheads amounted to R540 000.The first-in-first-out (FIFO) method of costing inventories is used.Manufacturing overheads under- or over-applied must be charged to cost of sales.

Name: Prepare the Cost Statement for the year end February 2023 that shows t
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Description: Prepare the Cost Statement for the year end February 2023 that shows the cost of goods manufactured and cost of sale using the the information provided INFORMATIONThe following information applies to Kompustat Ltd for Product K (which it manufactures

Cost statement is prepared by the cost account of a firm in which all the manufacturing costs are…

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The following information applies to Kompustat Ltd for Product K (which it manufactures) for the year ended 28 February 2023: Materials (direct and indirect): Opening inventory Purchases during the year R120 000 R583 200

The following information applies to Kompustat Ltd for Product K (which it manufactures) for the year ended 28 February 2023: Materials (direct and indirect): Opening inventory Purchases during the year R120 000 R583 200

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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