(Solved): QUESTION 2 (20 MARKS) REQUIRED 2.1 Use the information provided below to prepare the Income Stateme ...

QUESTION 2 (20 MARKS) REQUIRED 2.1 Use the information provided below to prepare the Income Statement of Turbo Manufacturers for the month ended 31 August 2024 using the following methods: 2.1.1 Variable costing. 2.1.2 Absorption costing. 2.2 Reconcile the profit calculated according to variable costing (in question 2.1.1) with the profit calculated according to absorption costing (in question 2.1.2). Your answer must include the calculation of the fixed manufacturing costs in inventory. INFORMATION The following information relates to the only product produced by Turbo Manufacturers for the month ended 31 August 2024: