Man City Enterprises commenced operations on 1 January 2022, and produces a single product that sells for R36 per unit. During 2022, 300 000 units of the product were manufactured of which 240 000 units were sold. There was no work-in process inventory at the end of the year. All costs are presented in the table below:

Prepare the income statement using the Marginal Costing method for the year ended 31 December 2022.

\begin{tabular}{|l|c|l|} \hline \multicolumn{1}{|c|}{ Cost type } & Fixed & \multicolumn{1}{|c|}{ Variable } \\ \hline Direct materials & - & R6.00 per unit produced \\ \hline Direct labour & - & R4.00 per unit produced \\ \hline Factory overhead & R600 000 & R2.00 per unit produced \\ \hline Marketing and administrative & R300000 & R1.00 per unit sold \\ \hline \end{tabular}