Bennett's Manufacturing started business on 1 JUNE 2016, and incurred the following costs during its first two years. Year ending 31 March Direct materials Direct labour Variable overheads Fixed costs Production each year (units) 20,000 and 16,000 Sales each year (units) 17,000 and 16,000 Selling price for 2016 $50 Selling price for 2017 $60 2016 S 2017 $ 120,000 80,900 80,000 55,000 50,000 35,000 60,000 50,600 Required: A. Prepare a statement showing the gross profit for each of the three years if the company used: The marginal costing approach to valuing inventory; The absorption costing approach to valuing inventory