REQUIRED

Use the information given below to prepare the Income Statement for the month ended $28$ February $2023$ using the following methods:

$2\mathrm{.}1$ Marginal costing

$2\mathrm{.}2$ Absorption costing

INFORMATION

The following information relates to the only product produced by Los Vega Manufacturers during February $2023$

Opening inventory Nil

Number of unis Manufactured $10000$

Number of units sold $8000$

Selling Price per unit R$500$

Direct material cost per unit R$80$

Direct labour cost per unit R$140$

Variable manufacturing overheads per unit R$70$

Variable marketing and administrative cost per unit sold R$30$

Fixed manufacturing overhead cost R$400000$

Fixed marketing and administrative cost R$200000$