QUESTION TWO $(20$ Marks$)$

The following information was extracted from the accounting records of Hilton Manufacturers for the year ended September

$2024$:

Inventory at the beginning of the year Production for the year

Sales for the year

Selling price per unit

Direct Materials cost per unit

Direct Labour cost per unit

Variable Manufacturing overheads per unit Variable selling and administrative cost per unit Fixed manufacturing overhead cost

Fixed selling and administrative cost

The company utilises the first$-$in$-$first$-$out method of inventory valuation.

REQUIRED:

$($Round of to two decimal places$)$

$2\mathrm{.}1$ Prepare the Income Statement using the Marginal Costing method.

UNITS

Nil $2850024000$ R$82$ R

$221175$

$27400095000$

$(11)$

$2\mathrm{.}2$ Prepare the Income Statement using the Absorption Costing method