James Bond Ltd produces a single product which is bottled and sold in cases. The normal annual level of operations on which the production overhead absorption is based is $36,000$ cases.Data for the last financial year were as follows:Production $40,000$ cases; Sales $32,000$ cases; Selling price $60$CostProduction: Direct labour $12$; Direct material $14$; Variable overhead $8$; Fixed overheard $($budgeted & incurred$)216,000$;Selling & administrative cost: Fixed $50,000\text{'}$ Variable $15\%$ of sales revenueNote: There were no opening stock of finished goods and the work$-$in$-$progress stock may be assumed to be the same at the end of the year as it was at the beginning of year.Required:You are required to prepare profit statements for the year based on:$6\mathrm{.}1$ Marginal costing method$6\mathrm{.}2$ Absorption costing method