SECTION A Answer ALL the questions in this section. QUESTION ONE Information: November 01 08 12 19 TRANSACTIONS Opening inventory Purchased from supplier Issued to production Returned to supplier NUMBER OF UNITS AND COST 1260 units @ R11 per unit 3150 units @ R12 2310 units 525 units (purchased on 08 November) 1575 units @ R13 22 22 Purchased from supplier 28 28 Issued to production 2625 units [30 MARKS] 1.1 Use the transactions of Stark Industries to determine the value of the closing stock using the first- in-first out method. This stock consists of a component used in production of the final product. QUESTION TWO The following information relates to the only product made by Mario Traders for the year ended 31 July 2022: (10 marks) Opening inventory 0 Number of units manufactured 945 000 Number of units sold (at R310 per unit) 756 000 Direct materials cost per unit R94 Direct labour cost per unit R123 Variable manufacturing overheads cost per unit R92 Variable selling expenses per unit R22 Fixed manufacturing overheads cost R18 900 000 Fixed selling and administrative expenses R15 750 000 2.1 Draft the income statement for the year ended 31 July 2022 using the Marginal Costing method (10 marks) 2.2 Draft the income statement for the year ended 31 July 2022 using the Absorption costing method (10 marks)