REQUIRED Use the information provided below to prepare the: 4.1 Cost Statement for the year ended 29 February 2020, that shows the cost of goods manufactured and cost of goods sold. (16 marks) 4.2 Income Statement for the year ended 29 February 2020. (4 marks) INFORMATION The following information was supplied by Jehcon Ltd for Product Kip (which it manufactures) for the year ended 29 February 2020: Materials: Opening inventory (100 000 kg) R750 000 Purchases during the year (1 350 000 kg) R8.10 per kg Closing inventory: Quantity 150 000 kg Direct labour: Hours worked during the year 600 000 Rate per hour R30.00 Manufacturing overheads Applied on direct labour hours at a rate of R18 per hour Work in progress: Opening inventory R750 000 Closing inventory R600 000 Finished goods: Opening inventory 30 000 units Manufactured 150 000 units Sales 138 000 units Selling price per unit R500 The following information is also available: Actual manufacturing overheads amounted to R10 440 000. The first-in-first-out (FIFO) method of costing inventories is used. Manufacturing overheads under- or over-applied must be charged to cost of sales. The actual cost of the opening inventory of finished goods was R250 per unit. Administrative and marketing costs for the period amounted to R13 477 600