7. As a new accountant of 'Melesi Printing company, you have been given the following Budget for the financial year 2020/2021 as it is the end of the year so you have to prepare reports. Budgeted sales and Production units Revenue @M360 per unit 18,000 units M6,480,000 Variable Costs Direct Materials M1,080,000 Direct Labour M1,620,000 Variable Production Overheads M540,000 Distribution costs M180,000 Fixed Costs Fixed Production Overheads M360,000 Fixed Selling Costs M500,000 Fixed Administration costs M800,000 At the beginning of the period there were 5,000 units in the inventory. Actual results for the Periods were as follow: 18,000 units were produced and 15,000 units were sold. All variable costs and selling price were as budgeted. Actual Fixed costs were as follow; Fixed Production costs M400,000 Fixed Selling costs M450,000 Fixed Administration costs M800,000 Required: a. Prepare Profit and Loss statement for actual results using Absorption costing method. (15 Marks) b. Differentiate between a product costs and a period costs. (5 Marks)