Use the information provided below to prepare the following statements for the year ended 28 February 2022: Income Statement (4 marks) INFORMATION The following information was supplied by Jupiter Ltd for Product A (which it manufactures) for the year ended 28 February 2022:

The following information is also available:

Materials: Opening inventory (100 000 kg) Purchases during the year (900 000 kg) Closing inventory: Quantity Direct labour: Hours worked during the year Rate per hour Manufacturing overheads Work in progress: Opening inventory Closing inventory Finished goods: Opening inventory Manufactured Sales Selling price per unit R500 000 R5.50 per kg 120 000 kg 400 000 hours R25 Applied on direct labour hours at a rate of R15 per hour R500 000 R400 000 20 000 units 100 000 units 90 000 units R400 The actual manufacturing overheads amounted to R5 500 000. The first-in-first-out (FIFO) method of costing inventories is used. Manufacturing overheads under- or over-applied must be charged to cost of sales. The actual cost of the opening inventory of finished goods was R200 per unit. Administrative and marketing costs for the period amounted to R5 000 000