The information below relates to data concerning a company's operations in a year:

Units in beginning inventory.........................

0

Units produced...............................................

10,000

Units sold.......................................................

9,000

Selling price per unit.....................................

RM60

Variable costs per unit:

Direct materials..........................................

RM15

Direct labor.................................................

RM5

Variable manufacturing overhead..............

RM2

Variable selling and administrative............

RM4

Fixed costs in total:

Fixed manufacturing overhead...................

RM200,000

Fixed selling and administrative................

RM70,000

Direct labour here is a variable cost.

Required:

(a) Prepare the statement of profit or loss for the year using absorption costing.

Prepare the statement of profit or loss for the year using variable costing.