Peter Ltd manufactures and sells batteries. The cost data for the product are given below. The accountant told the President that he will prepare two different sets of income statements for the President's review. The data are given as follows: The batteries sells for $40 per unit. Production and sales data for January are shown below. Required: a. Prepare the absorption costing income statement. (4 marks ) b. Prepare the variable costing income statement. (4 marks) c. Explain to the President the differences between the two income statements (if any) and the net income figures he should rely on