Question 1 Answer the questions from the information provided. Prepare the Pro Forma Statement of Comprehensive Income of Casper Ltd for the year ended 30 June 2023. (10 marks) INFORMATION Casper Ltd, a manufacturing concern, has started with its financial planning for the 12 months commencing 01 July 2022. The projected sales value is R1 500 000 as compared to the estimated R1 000 000 for the financial year ended 30 June 2022. The estimates of the operating results for the current year are shown in the projected statement of comprehensive income below. The percentage-of-sales for some items is reflected. CASPER LTD PRO FORMA STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2022 R % of sales Sales 1 000 000 100 Cost of sales (600 000) Labour 210 000 21 Materials 180 000 18 Manufacturing overheads 170 000 17 Depreciation 40 000 4 Gross profit 400 000 Operating expenses (210 000) Selling expenses 100 000 10 General and administrative expenses 110 000 11 1.1 Operating profit 190 000 Interest expense 0 0 Profit before tax 190 000 Company tax (57 000) Profit after tax 133 000 Assumptions for the financial year ending 30 June 2023: Manufacturing labour will increase to 24% of sales. The cost of materials will increase to 20% of sales. Manufacturing overheads will rise above the current level by 5%. Depreciation will increase by R6 000, reflecting the addition of some production machinery. Selling expenses will rise by R20 000. General and administrative expenses are expected to remain at the same percentage of sales. Company tax is estimated at 30% of pre-tax profits