3. Hi-tech Company manufactures a single product called 'Zink'. The selling price per Zink is Rs 800. The company has the following information for the current year: Particulars Units Per Unit Per Unit Variable Fixed Manufacturing Manufacturing Beginning Inventories 2,000 Rs. 380 Rs. 210 Production 10,000 Rs. 400 Rs. 200 Sales 9,000 Work in Process Nil Annual fixed factory overheads for the current year were Rs 2,000,000. Office and administrative costs total Rs 500,000. Variable selling and distribution overheads per unit are Rs 20 Required: a. Prepare Income statement under variable costing using FIFO and LIFO assumption. (5) b. Prepare Income statement under absorption costing using FIFO and LIFO assumption (5) Reconciliation statement showing reasons for Different in Profit. (3+2)