2. Wogan Ltd produces and sells one item - the Tenry. You are given the following information for two financial years. Year 1 Year 2 Actual Sales (units) 13,000 17,000 Actual Production Units 14,000 18,000 Actual Fixed Selling Costs $20,000 $20,000 Actual Fixed Production $110,000 $77,000 Overhead In Year 1 there was no opening stock. Other information is available that relates to both years (per unit): Selling Price S 80 Direct Materials Direct Labour (Wages) Variable production expenses Required: - 26 20 10 a) Using the below proforma (next page), produce a Marginal Costing Statement for each of years 1 and 2. MARGINAL COSTING INCOME STATEMENT Sales Revenue Less: MC Cost of Sales: Opening Inventory Production Costs: Variable- Materials Labour Expenses Less: Closing Inventory MC COST OF SALES CONTRIBUTION Less: Fixed Overheads Fixed Production Overheads Fixed Selling Overheads NET PROFIT Year 1 Year 2 $