ments are correct O'D Statement 1 is correct but statement 2 is incorrect Statement 2 is correct but statement 1 is incorrect (2 marks) Data for questions 3.17 and 3.18 $ 760 for 2kq raw material $19. 50 labor for product A manufacturing company makes one product which uses 2 kg of raw material at a cost of $3.80 per kg. The product requires 2.5 hours of labour which is paid at $7.80 per hour. The company incurs production costs of $6,000 per month and the factory produces 2,000 units of the product each month. There is no inventory of the product at 1 June 20X3 but only 1,600 units of the product were sold in June. 3.17 What is the closing inventory valuation at 30 June 20X3 under absorption costing? $10,840 $12,040 $12,340 $48,160 (2 marks) 3.18 What is the closing inventory valuation at 30 June 20X3 under marginal costing? $10,840 $12,040 $43,360 $54,200 (2 marks)