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YKL TRADING sells telephone accessories & components. The following information is available for the year...

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Accounting

YKL TRADING sells telephone accessories & components. The following information is available for the year ended 31 December 2021. RM Sales 200,000 Raw Materials 24,000 Direct Labour 14,000 Variable manufacturing cost 9,000 Fixed manufacturing overhead 27,000 Variable distribution & administrative expenses 4,500 Fixed distribution & administrative expenses 15,000 Required:

a) Prepare an income statement for the year ended 31 December 2021 based on both Marginal (variable) and Absorption costing. (18 marks)

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