The following details relate to Arusha Ltd which deals with manufacturing of food items: Details Year ending December 31, 2022 Year ending December 31, 2021 TZS TZS Sales Revenue 202,500,000 202,175,000 Closing inventory of finished goods (at cost) 5,000,000 5,775,000 Closing inventory of raw materials (at cost) 1,250,000 1,275,000 Purchase of raw materials 57,500,000 57,280,000 Packing materials used 1,380,000 1,295,000 Investment income 475,000 475,000 Rental income 999,500 982,500 Labour (for production) 45,382,500 45,337,500 Variable production overhead cost allocated 16,335,000 16,310,000 Fixed production overhead cost allocated 19,125,000 18,985,000 Distribution expenses 7,500,000 7,375,000 Administrative expenses 17,500,000 17,490,000 Other operating expenses 789,000 740,500 Finance expenses 3,750,000 3,477,500 Write-down of cost of raw materials to net realizable value 77,500 70,000 Write-down of cost of finished goods inventory to net realizable value 25,000 0 Over-recovery of fixed production overhead costs 288,500 239,000 Abnormal spoilage of raw materials 31,500 32,000 Income tax expense 10,236,000 9,760,000 Property, Plant and Equipment (Cost) 100,000,000 105,000,000 Accumulated Depreciation - Property, Plant and Equipment 55,000,000 49,000,000 Additional information: (i) On January 1, 2022 Arusha Ltd disposed off one of its machinery having the original cost of TZS 5,000,000/= and accumulated depreciation of TZS 4,000,000/=. Proceeds from this disposal was TZS 1,027,500/=. (ii) During the year 2021 no item of property, plant and equipment was purchased; (iii) It is the policy of Arusha Ltd to charge depreciation on items of property, plant and equipment at 10% on original cost. (iv) Depreciation charges included in the fixed production overheads is equal to 50% of the total depreciation charge, those included in administrative expenses amounted to 40% of total depreciation charge; and those included in distribution expenses is equal to the remaining portion of the total depreciation charge. (v) Total salaries and other staff costs included in administrative expenses amounted to TZS 675,000/=. (vi) Assume that all the figures are material. Required: Present a Statement of profit or loss and other comprehensive income for the year ending December 31, 2022 as per IAS 1: Presentation of Financial Statements by using: (a) Nature of Expense Method; and (b) Function of Expense Method (Cost of Sale Method) NB: Show all your workings and ignore presentation of comparative information. Ignore also disclosure requirement in the form of notes