Question 1 Answer the questions from the information provided. Prepare the Pro Forma Statement of Comprehensive Income o

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Question 1 Answer the questions from the information provided.Prepare the Pro Forma Statement of Comprehensive Income of CasperLtd for the year ended 30 June 2023. (10 marks) INFORMATION CasperLtd, a manufacturing concern, has started with its financialplanning for the 12 months commencing 01 July 2022. The projectedsales value is R1 500 000 as compared to the estimated R1 000 000for the financial year ended 30 June 2022. The estimates of theoperating results for the current year are shown in the projectedstatement of comprehensive income below. The percentage-of-salesfor some items is reflected. CASPER LTD PRO FORMA STATEMENT OFCOMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2022 R % of salesSales 1 000 000 100 Cost of sales (600 000) Labour 210 000 21Materials 180 000 18 Manufacturing overheads 170 000 17Depreciation 40 000 4 Gross profit 400 000 Operating expenses (210000) Selling expenses 100 000 10 General and administrativeexpenses 110 000 11 1.1 Operating profit 190 000 Interest expense 00 Profit before tax 190 000 Company tax (57 000) Profit after tax133 000 Assumptions for the financial year ending 30 June 2023: ¦Manufacturing labour will increase to 24% of sales. ¦ The cost ofmaterials will increase to 20% of sales. ¦ Manufacturing overheadswill rise above the current level by 5%. ¦ Depreciation willincrease by R6 000, reflecting the addition of some productionmachinery. ¦ Selling expenses will rise by R20 000. ¦ General andadministrative expenses are expected to remain at the samepercentage of sales. ¦ Company tax is estimated at 30% of pre-taxprofits