Battys have collected the following data for one of its racquets (M), for the accounting period ended 31st December.

	Direct material cost	9,000
	Indirect material cost	1,400
	Advertising expenditure	8,000
	Packaging for delivery to customers	1,200
	Accounting salaries	7,500
	Direct production wages	6,500
	Indirect production wages	1,900
	Salesmens salaries	6,300
	Production managers salary	1,800
	Delivery vehicle running costs	600
	Sales office costs	4,100
	Delivery vehicle driver wages	1,300
	Design costs for Racquet M	500

During the period ended 31st December, 100 units are produced of which 80 are sold at a price of 650 each. There was no opening inventory at the start of the period.

Required:

Prepare a Summary Cost Statement and an Income Statement for the period ended 31st December.