QUESTION $4$

$(20$ MARKS$)$

REQUIRED

Use the information provided below to prepare the following for the year ended $29$ February $2024$:

$4\mathrm{.}1$ Cost statement

$(16$ marks$)$

$4\mathrm{.}2$ Income Statement.

$(4$ marks$)$

INFORMATION

The following information was supplied by Carioca Ltd for Product $M($which it manufactures$)$ for the year ended $29$ February $2024$:

$\backslash$table$[[$Inventory on $01$ March $2023$:$],[$Direct materials,$150000$ kg at R$2\mathrm{.}50$ per kg$],[$Work in progress,R$300000],[$Finished goods,$15000$ units$],[$Direct materials:,$700000$ kg at R$3$ per kg$],[$Purchased during the year,$300000],[$Direct labour:,R$22],[$Hours worked during the year$],[$Rate per hour,Applied on direct labour hours at a rate of R$15$ per hour$],[$Manufacturing overheads,$100000$ units$],[$Finished goods:,$85000$ units$],[$Manufactured$],[$Sales$,$R$220],[$Selling price per unit,$80000$ kg$],[$Inventory on $29$ February $2024$:$,$R$320000],[$Direct materials,?