Use the information given below to prepare the Income Statement of TakeALot for the year ended 31 December 2022 using the absorption costing method. (10 marks) INFORMATION TakeALot commenced operations on 02 January 2022, and produces a single product that sells for R72 per unit. During 2022, 300 000 units of the product were manufactured of which 240 000 units were sold. There was no work-in-process inventory at the end of the year. Manufacturing costs and marketing and administrative costs for 2022 were as follows:

\begin{tabular}{|l|l|l|} \hline Costs/Expenses & Fixed & Variable \\ \hline Direct materials & - & R12 per unit produced \\ \hline Direct labour & - & R8 per unit produced \\ \hline Manufacturing overheads cost & R1 200000 & R4 per unit produced \\ \hline Marketing and administrative cost & R600 000 & R2 per unit sold \\ \hline \end{tabular}