The following information was extracted from the accounting records of ABC Manufacturers for the year ended September 2020:

	UNITS
Inventory at the beginning of the year	Nil
Production for the year	20 000
Sales for the year (at R75 per unit)	18 250
	R
Direct Materials cost per unit	21
Direct Labour cost per unit	7
Variable Manufacturing overheads per unit	8
Variable selling and administrative cost per unit	5
Fixed manufacturing overhead cost	182 000
Fixed selling and administrative cost	77 000

The company utilises the first-in-first-out method of inventory valuation.

REQUIRED:

4.1 Prepare the Income Statement using the Marginal Costing method. (11 marks)

4.2 Prepare the Income Statement using the Absorption Costing method. (9 marks)