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 October 2023: The following information was provided by Kendall Manufacturers for the only product produced during Opening inventory 0 Number of units manufactured 5000 Sales R4 200 000 Selling price per unit R1000 Variable manufacturing costs per unit R425 Fixed manufacturing overhead cost R325 000 Variable selling cost per unit R80 Fixed selling cost R175 000 Fixed administrative cost R200

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.