Koena’s Kitchenware (Pty) Ltd (“Koena’s”) manufactures and sells a variety of kitchen utensils and uses a traditional absorption costing system. You have the following information available regarding Koena’s fixed manufacturing overheads for the 2019 and 2020 financial years. Financial year 2019 2020 Budgeted Actual Budgeted Actual Fixed manufacturing overheads (FMO) R7 200 000 R7 000 000 R7 332 850 R7 500 000 Direct labour hours 900 000 906 500 894 250 941 200 Manufacturing units 360 000 370 000 365 000 362 000 Koena’s allocates FMO based on direct labour hours. QUESTION 9 The predetermined FMO allocation rate for the 2019 financial year was (rounded to two decimal places). (1) R20,00. (2) R8,00. (3) R8,20. (4) R7,72. QUESTION 10 The over-/under allocated FMO for the 2020 financial year is. (1) R217 840 over applied. (2) R217 840 under applied. (3) R167 150 over applied.

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Prepare January and February income statements under Absorption and Variable Costing Nagsumikap Naman Ako Co. assembles and sells genetically modified dinosaurs and uses standard costing. Actual data relating to January and February 2021 are as follows: Unit data: Beginning inventory Production January February 500 350 150 500 Sales 650 Direct material cost is P67 per unit, Direct labor is P15 per unit, and variable overhead is P18 per unit. Annual fixed manufacturing costs is P240,000 while monthly marketing cost is P6,000. Variable selling and administrative cost per unit is P30 per unit. The selling price per dinosaur is P240. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 500 units. There are no price, efficiency, or spending variances. Any production-volume variance is written off to cost of goods sold in the month in which it occurs.