QUESTION $3(20$ MARKS$)$REQUIREDUse the information provided below to prepare the following for the year ended $31$ December $2024$:$3\mathrm{.}1$ Cost Statement $(16$ marks$)3\mathrm{.}2$ Income Statement. $(4$ marks$)$INFORMATIONThe following information applies to the only product manufactured by Kerrie Ltd for the year ended $31$December $2024$:Direct materials:Opening inventory R$130000$Purchases during the year R$580000$Issued to production R$610000$Closing inventory $?$Direct labour:Hours worked during the year $34000$Rate per hour R$30$Manufacturing overheads: Applied on direct labour hours at a rate of R$10$ per hourAdministrative and marketing costs $25\%$ of salesWork in progress:Opening inventory R$100000$Closing inventory R$120000$Finished goods:Opening inventory $10000$ units at R$100$ per unitManufactured $20000$ unitsSales $24000$ unitsSelling price per unit R$170$The following information is also available: The actual manufacturing overheads for $2024$ amounted to R$400000.$ The first$-$in$-$first$-$out $($FIFO$)$ method of costing inventories is used. Manufacturing overheads under$-$ or over$-$applied must be charged to cost of salesM