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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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