Question 8 Mc Graw Hill Ltd publishes and sells Management books at $50.00 each. Its financial data for the month of December 2020 are as follows: Opening stocks 0 Sales 100,000 books Production 100,000 books Total Variable production costs $350,000 Total Fixed production costs $400,000 Variable selling and admin expenses $400,000 Fixed selling and admin expenses $450,000 You are required to prepare: (a) Prepare the income statement for Mc Graw Hill Ltd using: (i) Marginal Costing method and (5 marks) Absorption Costing Method (5 marks) (b) List any 5 advantages and 5 disadvantages of using Marginal Costing. (10 marks)