You are working as a manager accountant for a retail company which markets and sells two products product 1 and product 2. The following information is available for last year. The actual fixed product overheads for the same period were 95000 and fixed administration overheads were 25000. a) Please develop both marginal costing and absorption costing income statements. b) elaborate the findings, key advantages and limitations. Please donot provide solution in image format provide solution in step by step format and fast solution

	Product 1	Product 2
Production (Units)	4000	2000
Sales (Units)	3900	2000
Operating Inventory (Units)	0	0
Financial Data
Unit selling Price	100	50
Unit Cost
Direct Material	10	6
Direct Labor	15	11
Variable Production overheads	15	6
Fixed production overheads	25	15
variable selling overheads	1	1