REQUIRED Use the information provided below to prepare the following for the year ended 29 February 2024: 4.1 Cost statement (16 marks) 4.2 Income Statement. (4 marks) INFORMATION The following information was supplied by Carioca Ltd for Product M (which it manufactures) for the year ended 29 February 2024: Inventory on 01 March 2023: Direct materials 150 000 kg at R2.50 per kg Work in progress R300 000 Finished goods 15 000 units Direct materials: Purchased during the year 700 000 kg at R3 per kg Direct labour: Hours worked during the year 300 000 Rate per hour R22 Manufacturing overheads Applied on direct labour hours at a rate of R15 per hour Finished goods: Manufactured 100 000 units Sales 85 000 units Selling price per unit R220 Inventory on 29 February 2024: Direct materials 80 000 kg Work in progress R320 000 Finished goods ? The following information is also available: ? Actual manufacturing overheads amounted to R4 200 000. ? The first-in-first-out (FIFO) method of costing inventories is used. ? Manufacturing overheads under- or over-applied must be charged to cost of sales. ? The actual cost of the opening inventory of finished goods was R130 per unit. ? Administrative and marketing costs for the period amounted to R5 000 000.