REQUIRED 4.1 Prepare the Cost Statement for the year ended 28 February 2023 that shows the cost of

REQUIRED Prepare lhe COSI Statement for the year ended 28 February 2023 that shows the cost of goods manufactured and cost of sales. Prepare the income Statement for the year ended 28 February 2023. INFORMATION (16 marks (4 marks The following Information applies to Kompustat Ltd for Product K (which it manufactures) for the year ended 2; February 2023 Matenals (direct and indirect): Opening inventory Purchases during the year Direct materials issued to production Indirect materials issued to production Closing inventory Direct labour: Hours worked during the year Rate per hour Administrative and marketing costs R120 OOO j R583 200 R638 400 R24 OOO 80 obo R36 per unit sold Manufacturing overheads: Applied on direct labour hours at a rate of R6 per hour Work in progress: Opening inventory Closing inventory Finished goods: Opening inventory Manufactured Sales Selling price per unit The following information is also available: R120 OOO 9 000 units at R108 per unil 20 OOO units 25 OOO units RI 56 The actual manufacturing overheads amounted to R540 000. The first-in-firstout (FIFO) method of costing inventories is used. Manufacturing overheads under- or over-applied must be charged to cost of sales.