Eko Plastics Limited, a manufacturing company based in Lagos, produces a single product called 'PlastoPak'. The following information relates to the company's operations for the month of October 2024: Production: 12,000 units Sales: 9,500 units Opening inventory: Nil Cost data: Direct materials: N18 per unit Direct labour: N12 per unit Variable production overhead: N6 per unit Fixed production overhead: N180,000 per month Variable selling and distribution cost: N4 per unit sold Fixed selling and administration overhead: N75,000 per month The selling price is N65 per unit. The company is considering whether to use absorption costing or marginal costing for its internal management reporting. Required: (a) Prepare the income statement for October 2024 using ABSORPTION COSTING, showing clearly the profit or loss for the period. (8 marks) (b) Prepare the income statement for October 2024 using MARGINAL COSTING, showing clearly the profit or loss for the period. (8 marks) (c) Reconcile the profit figures obtained under absorption costing and marginal costing, and briefly explain why the two figures differ. (4 marks) Total: 20 marks