A company produces and sells a single product, the standard unit cost details of which are as follow: Direct material 4 kilos x $6 per kilo Direct labour 3 hours x $5 per hour Variable overhead. $3 per direct labour hour The total fixed overhead is budgeted at $90,000 per month and absorbed on a rate per a unit basis. . The budgeted output per month is 15,000 units. The product has a standard selling price of $72 per unit. The following activity took place during January and February: Sales Production January 14,000 units 16,000 units February 16,000 units 14,500 units There is a closing stock on 31 December 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. (5 marks) i) Direct Costing ii) Full Costing (16 marks) c) Prepare a statement reconciling the marginal with the absorption profit for each month (4 marks)