(b) Peyton Manfacturing has provided the following cost data for the only product it manufactures: Selling price Direct materials Direct labour Variable factory overhead Fixed factory overhead Fixed selling and administrative cost $80 per unit $25 per unit $10 per unit $5 per unit $2 200 000 $800 000 The planned production level for the year is 275 000 units. The number of units produced and sold in 2016 was 200 000 and 180 000 respectively. There was no opening inventory in 2016. Prepare the income statement for 2016 using: (6) Marginal costing [8 marks) (ii) Absorption costing [10 marks]