Good News Ltd manufactures a single product. Its fiscal year ends on 31 December. There was no opening inventory in 2019. The following information was extracted from its books: Units produced Units sold Cost and price data for 2019: Selling price per unit Direct materials cost per unit produced Direct labour cost per unit produced Variable manufacturing overheads per unit produced 2019 32,000 25,000 $110 $9 $8 $13 The company also incurred fixed manufacturing overheads of $96,000 per annum in 2019. Non-manufacturing overheads are as follows: Variable non-manufacturing overheads Fixed non-manufacturing overheads Required: $12 per unit sold $70,000 per annum (a) Prepare an operating statement for the year ended 31 December 2019 using: (i) Absorption costing (ii) Marginal costing (16 marks) (15 marks) (b) Why marginal costing is normally be used for making business decision? Explain. (4 marks)