A company produces and sells one product only which sells for $50 per unit. There were no stocks at the end of May and other information is as follows: standard cost per unit: $ direct material 18 direct wages 4 variable production overhead 3 budgeted and actual costs per month: fixed production overhead 99,000 fixed selling expenses 14,000 fixed administration expenses 26,000 variable selling expenses 10% of sales value normal capacity is 11,000 units per month. the number of units produced and sold was: june july units units sales 12,800 11,000 production 14,000 10,200 Required: Using the information above, prepare profit statements for June and July using: (a) Marginal costing (5 marks) 6 (b) Absorption costing (5 marks)