A company produces and sells a single product, the standard unit cost details of which are as follo, Direct material 2 kilos x$4.5 per kilo =9 Direct labour 3 hours x$5 per hour =15 Variable overhead 3 hours $3 per hour =339 fo tal The total fixed overhead is budgeted at $90,000 per month and is absorbed on a rate per unit basi, The budgeted output per month is 15,000 units. The product has a standard selling price of $50 per unit. The following activity took place during January and February: There is an opening stock on 1 January of 3,000 units. Required: (a) Calculate the standard cost and profit for one unit of output. ( 5 marks) (b) Prepare profit statements for each month using: (c) Prepare a statement reconciling the marginal with the absorption profit for the month. (4 marks)