REQUIRED Use the information given below to prepare the Income statement of Kendall Manufacturers for October 2023 using the following methods: 2.1 Marginal costing 2.2 Absorption costing. INFORMATION The following information was provided by Kendall Manufacturers for the only product produced during October 2023: Opening inventory Number of units manufactured Sales Selling price per unit Variable manufacturing costs per unit Fixed manufacturing overhead cost Variable selling cost per unit Fixed selling cost Fixed administrative cost Nil 5 000 R4 200 000 R1 000 R425 R325 000 R80 R175 000 R200 000

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.