TY Company manufactures and sells electrical appliances. The following are the available information relating to the product: RM Selling price per unit 480.00 Per Unit Variable Cost: Direct Materials 250.00 Direct Labour 63.00 Manufacturing Overheads 32.00 Sales and Administration 15.00 Monthly Fixed Expenses: Manufacturing Overheads 350,000 Sales and Administration expenses 200,000 Budgeted monthly production units are 10,000 units. Below is the information on the company's production and sales for month of July 2020: Units Units Produced Sold July 2020 10,000 8,000 REQUIRED: (a) Prepare the income statement for the month of July 2020 using the marginal costing method. (b) Prepare the income statement for the month of July 2020 using the absorption costing method. Explain the difference between the profits calculated in (a) and (b) above. (C)