Jane Company produces clothes. One of the company's products is Diana Skirts which are sold for $90 each. The standard cost of producing 100 units of Diana skirt is shown below: Direct labour 500 Direct material 2,000 Variable production overhead 1.200 Fixed production overhead 1,800 TOTAL 5,500 Production and inventory data during the month of October 2021 is given below: Units 5000 Unit production Opening inventory Closing inventory 10,000 8,000 The company's normal production is 120,000 units per annum. Fixed production overhead cost spread evenly over the year. The fixed selling and distribution cost per year is $78,000. Variable selling and distribution cost is $5.00 per unit. Required: Prepare Operating Income Statement for the month of October 2021 using Marginal Costing Approach (9 marks) Prepare Operating Income Statement for the month of October 2021 using Absorption Costing Approach. (10 marks) m Reconcile the difference in the profits under the two costing approaches