The unit selling price and unit production costs of Silver Craft Ltd were as follows for the month of April 2019:- Selling price $ 120 Direct materials $ 22 Direct labour $ 17 Variable overheads $ 30 Fixed production overheads are based on a monthly production of 4000 units and amounted to $ 80,000. During the month of April the firm had an opening inventory of 1000 units, produced 5000 units and had sold 3500 units. Other monthly costs include:- Fixed selling overheads Fixed administration overheads Fixed distribution overheads Variable selling overheads $ 7,000 $ 12,000 $ 6,000 5% of sales value Required: (a) Profit statement based upon Marginal Approach (b) Profit statement based upon Absorption Approach (c) A statement reconciling profits based upon the two approaches