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Problem 1: Prepare the Income Statement of Waltons Manufacturers for the month ended 28 February 2021 using the absorption costing method.
INFORMATION
The following forecasts were obtained from the accounting records of Waltons Manufacturers for the month ended 28 February 2021:
Inventory on 01 February 2021 Nil
Production 25 000 units Sales 23 000 units
Selling price per unit R100
Manufacturing costs:
Fixed manufacturing costs R240 000 per month
Variable manufacturing costs per unit R42
Marketing costs:
Sales personnel's salaries and advertising R40 000 per month
Delivery costs R5 per unit sold
Administration costs:
Salaries R50 000 per month
Other office costs R4 per unit sold
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