Below are data relevant for the years ended December 31, 2020 and December 31, 2021: 2020 2021 $7.500 $7,500 $500 $500 $750 $750 $500 $500 Selling Price per unit Direct Labour Cost per unit Direct Material per unit Direct Expense per unit Nariable Overheads per unit Fixed Overheads (Actual) Variable Selling Price per unit Actual Production $400 $400 $11.500,000 $16.500.000 $250 $250 5.000 6.000 5.500 5.250 Actual Sales On January 1, 2021, Wooden Supply 500 chairs valued at a cost of $2,325,000. For both periods, the company also had budgeted fixed overhead to be $11,250,000 and budgeted production of 4,500 chairs. Overheads are currently absorbed on a per unit basis. In an effort to show Mrs. Webber the possible difference in profits that could arise if his company were to adopt an absorption costing policy, you are required to do the following: (a) Prepare an income statement using marginal costing, as well as, absorption costing for the year ended December 31, 2020. (b) Prepare an income statement using marginal costing, as well as, absorption costing for the year ended December 31, 2021. (c) Prepare reconciliation between profits for both years. (d) Discuss two differences between marginal and absorption costing