Question 4 (25 marks; 36 minutes) Marite Limited manufactures two products at their factory in...
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Question 4 (25 marks; 36 minutes) Marite Limited manufactures two products at their factory in Limpopo. They have drawn up a budget for the new year fl. mundiunt se sivion in the table below: Additional Information: The organisation uses an absorption costing system. Inventory is valued monthly, and profits are also reported monthly. Overheads attributable to each product are absorbed at predetermined rates per unit of outpiut Actu Opening inventory is valued at the same unit cost per product as would be calculated using the buageted data. The change in production caused the closing inventory to differ from the budget. Required: 4.1 Prepare an absorption costing income statement using actual results for the Ruby product. 4.2 Prepare a variable costing income statement using actual results for the Ruby product. (9) 4.3 Reconcile the profits (2)
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