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The following information was extracted from the accounting records of Hilton Manufacturers for the year ended September 2024: The company utilises the first-in-first-out method of inventory valuation. Inventory at the beginning of the Year Production for the Year Sales for the Year Selling Price per Unit Direct Materials cost per unit Direct Labour cost per Unit Units Nil 28 500 24 000 R82 R R2 22 11

The following information was extracted from the accounting records of Hilton Manufacturers for the year ended September 2024: The company utilises the first-in-first-out method of inventory valuation. Inventory at the beginning of the Year Production for the Year Sales for the Year Selling Price per Unit Direct Materials cost per unit Direct Labour cost per Unit Units Nil 28 500 24 000 R82 R R2 22 11

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The following information was extracted from the accounting records of Hilton Manufacturers for the year ended September 2024: The company utilises the first-in-first-out method of inventory valuation. Inventory at the beginning of the Year Production for the Year Sales for the Year Selling Price per Unit Direct Materials cost per unit Direct Labour cost per Unit Variable Manufacturing overheads per unit Variable selling and administrative cost per unit Fixed manufacturing overhead cost Fixed Selling and administrative cost Units Nil 28 500 24 000 R82 R 22 11 7 5 274 000 95 000 2.1 Prepare the Income Statement using the Marginal Costing method. 2.2 Prepare the Income Statement using the Absorption Costing method.
Transcribed Image Text:The following information was extracted from the accounting records of Hilton Manufacturers for the year ended September 2024: The company utilises the first-in-first-out method of inventory valuation. Inventory at the beginning of the Year Production for the Year Sales for the Year Selling Price per Unit Direct Materials cost per unit Direct Labour cost per Unit Variable Manufacturing overheads per unit Variable selling and administrative cost per unit Fixed manufacturing overhead cost Fixed Selling and administrative cost Units Nil 28 500 24 000 R82 R 22 11 7 5 274 000 95 000 2.1 Prepare the Income Statement using the Marginal Costing method. 2.2 Prepare the Income Statement using the Absorption Costing method.
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