Q.1 Top Plastics Ltd makes and sells a single product. In January 2022, it produced and sold 30,000 units. The Information pertaining selling and production costs is as follows: Selling price per unit------------------------------------------$25 Direct materials cost per unit -----------------------------$6 Direct wages per hour ---------------------------------------$9 Variable manufacturing overhead per unit-----------$2 Variable selling expenses per unit-----------------------$4 Fixed manufacturing overhead---------------------------$160,000 Fixed admin and distribution costs----------------------$50,000 Direct manufacturing labour per unit ------------------20 minutes Required: (a) Determine product costs under Marginal costing (score, 4%) (b) Determine product costs under Absorption costing (score, 4%) (c) Prepare income statements for January 2022 using: (i) Marginal costing (variable costing) (score, 9%) (ii) Absorption costing (score, 9%) (d) Which costing technique is recommend for external financial reporting? Suggest reasons to support your answer (score, 4%)