40 points LG Inc., produces and sells Sleek TV sets with modern technology. The company has just developed a new product which is to be marketed in UAE. The following cost and revenue data relate to April 2021, the first month of the operation: Beginning inventory Units produced 750 Units sold .............: 500 Selling price per unit $400 Selling and administrative expenses: Variable per unit.... $10 Fixed (per month) $15,000 Manufacturing costs: Direct materials cost per unit $225 Direct labor cost per unit $25 Variable manufacturing overhead cost per unit $15 Fixed manufacturing overhead cost (per month).......$26,250 Management is anxious to see how profitable the new TV will be and has asked that an income statement be prepared for April 2021 Required: Assume that the company uses absorption costing, Determine the unit product cost. (6 marks) (You can copy paste the following table while you write the answer. Or you can create your own table from the table menu above. The table will its own as you start writing) Sr. No. Particulars Amount Prepare an income statement for March ( 12 Marks) Sr. No. Particulars Amount Determine the unit product cost, assuming that the company follows the variable costing method ( 6 marks) MacBook Air Prepare an income statement for March (12 Marks) Sr. No. Particulars Amount Determine the unit product cost, assuming that the company follows the variable costing method ( 6 marks) Sr. No. Particulars Amount DECE Prepare a contribution format income statement for March (12 marks) Sr. No. Particulars Amount SESSE Assume that the company uses variable costing. Explain the reason for any difference in the ending Inventory balances under the two costing methods and the impact of this difference on reported net operating income. (4 marks) - T- T Arial 3 (12pt) T T TT T F Paragraph, DOO fx Mashups - LEE HTML CSS 0 % L MacBook Air 99 DU . 22 FS 888 F4 80 F3 F2 FI % & 7 V 8 M9 $ 6 so