QUESTION $2(20$ MARKS$)$ REQUIRED Use the information provided below to prepare the Income Statement of Ascot Limited for the month ended $30$ April $2025$ using the following methods: $2\mathrm{.}1$ Variable costing $(10$ marks$)2\mathrm{.}2$ Absorption costing. $(10$ marks$)$ INFORMATION The following information was extracted from the accounting records of Ascot Limited, a manufacturer of industrial mowers, for the years ended $30$ April $2025$ and $30$ April $2024$: $\backslash$begin$\{$tabular$\}\{|$l$|$l$|$l$|\}\backslash$hline & $30$ April $2025$ & $30$ April $2024\backslash \backslash \backslash$hline & Units & Units $\backslash \backslash \backslash$hline Inventory at the beginning of the year & $?$ & $0\backslash \backslash \backslash$hline Production for the year & $500$ & $250\backslash \backslash \backslash$hline Sales for the year & $450$ & $200\backslash \backslash \backslash$hline & & $\backslash \backslash \backslash$hline & R & R $\backslash \backslash \backslash$hline Selling price per unit & $42000$ & $40000\backslash \backslash \backslash$hline Variable manufacturing costs per unit: & & $\backslash \backslash \backslash$hline Direct material & $10000$ & $9200\backslash \backslash \backslash$hline Direct labour & $4000$ & $3500\backslash \backslash \backslash$hline Overheads & $3000$ & $2800\backslash \backslash \backslash$hline Variable selling costs per unit & $2300$ & $2200\backslash \backslash \backslash$hline Fixed manufacturing costs & $1000000$ & $900000\backslash \backslash \backslash$hline Fixed selling and administrative costs & $400000$ & $300000\backslash \backslash \backslash$hline $\backslash$end$\{$tabular$\}$ ADDITIONAL INFORMATION The company uses the first$-$in$-$first$-$out method of inventory valuation.