Pls help me. I do not understand how to find the answer. Thanks so much :((

Answer ALL questions. Each question carries 20 marks. QUESTION 5 (20 MARKS) Inventory, 1 Jan 2020 Inventory, 31 Dec 2020 5.000 units 2 units Production 8.000 units Sales 10,000 units Direct material $12.00 per unit Direct labor $15.00 per unit Variable Overhead ($5 is related to selling expense) $18.00 per unit Fixed Cost (80% related to production) 200,000 per annum The product sells for $150.00 per unit. Required: a. Prepare a profit and loss statement for the year ended 31 December 2020 using variable costing system (6 marks) b. Prepare a profit and loss statement for the year ended 31 December 2020 using absorption costing system (7 marks) C. Prepare the statement of reconciliation of net profit between absorption costing and variable costing. (3 marks) d. Briefly explain on the reason for using absorption costing method as a choice of reporting. (4 marks)