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)