The following information was extracted from the accounting records of Hilton Manufacturers for the year ended September 2024:

	UNITS
Inventory at the beginning of the year	Nil
Production for the year	28 500
Sales for the year	24 000
Selling price per unit	R82
	R
Direct Materials cost per unit	22
Direct Labour cost per unit	11
Variable Manufacturing overheads per unit	7
Variable selling and administrative cost per unit	5
Fixed manufacturing overhead cost	274 000
Fixed selling and administrative cost	95 000

The company utilizes the first-in-first-out (FIFO) method of inventory.

Required:

(Round of to two decimal)

1.1 Prepare the Income Statement using the Marginal Costing method.

1.2 Prepare the Income Statement using the Absorption Costing method.