The following data has been extracted from the budgets and standard costs of MULASI Company Ltd. The Company manufactures and sells a single product: Selling price Direct material cost Direct wages cost Tshs 450 100 40 Variable overhead cost 25 Fixed production overhead costs are budgeted at Tshs 4,000,000 per annum. Normal production levels are budgeted at 320,000 units per annum. Budgeted selling and distribution costs are as follows; Variable Tshs 14 per unit sold Fixed Tshs 800,000 per annum Budgeted administration costs are Tshs 1,200,000 per annum. The following pattern of sales and production is expected during the first six months of the year: Sales (Units) Production (Units) January-March 60,000 70,000 April-June 90,000 100,000 It is assumed that there were no beginning stocks on 1 January for the year. REQUIRED: (a) Prepare the income statement for each of the two quarters using: (14 marks)