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Prepare the Income Statement of Carry Manufacturers for July 2022 using the marginal costing method.
INFORMATION
The following information relates to the only product produced by Carry Manufacturers during July 2022:
| Opening inventory | 0 |
| Number of units manufactured | 5000 |
| Number of units sold | 4500 |
| Selling price per unit | $300 |
| Direct materials cost per unit | $60 |
| Direct labour cost per unit | $40 |
| Fixed manufacturing overheads cost | $90000 |
| Variable manufacturing overheads per unit | $30 |
| Fixed selling cost | $50000 |
| Fixed administrative cost | $60000 |
| Sales commission | $30 per unit |
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