A Company produces and sells a single product, the standard unit cost details of which are as follows: Direct material 2 kilos x $5 per kilo Direct labour 3 hours x $6 per hour Variable overhead 3 hours x $4 per hour The total fixed overhead is budgeted at K90,000 per month and is absorbed on a rate per unit basis. The budgeted output per month is 15,000 units. The product has a standard selling price of $55 per unit. The following activity took place during January and February: January. February Sales. 14,000 units. 16,000 units Production 16,000 units. 14,500 units There is an opening inventory in January of 3,000 units. Required: (a) Calculate the standard cost and profit for one unit of output (b) Prepare profit statements for each month using (i) Marginal costing (ii) Absorption costing (c) Prepare a statement reconciling with marginal with the absorption profit for each month.