a) Distinguish between marginal and absorption costing systems (4 marks) b) Production and salce data of Industrial Detergents Lid are given below: Production (liter) 70,000 Sales (1) $5,000 The budgered financial data for stivity level of 60,000 titers per period are as follows Cost per liter (6) Direct materials 2.50 3.00 6.00 11.39 Selling price per liter $18.00 Administrative everheads are fixed at 100,000 per period and half of the production everheads are fived From the above information, prepare operating statements saing marginal and absorption principles (21 marks) Production overhead (200% of direct labor) Total cost per liter 4) Ita clear that financial accounting focuses on reporting to outside users while managerial accounting focuses on reporting to inside users. What specific characteristics would we expect to see in managerial accounting information? (10 marks) 2) Koll Brokeman Lad manufactures four products using the same machinery. The following details relate to its coat and sales per unit of each product Fandango OH Fan Choes GH 30 Selling price Direct material Variable overhead Prof Labour hour Machine hours Maximam demand per week *Fixed costs are GH8,000 per week. 1 4 3 $ 8 200 3 $ (Total-25 marks) 0.25 3 Units 180 Fanies Choss Mak GHE Olle 8 6 1.6 1 Units 250 9 6 16 0.50 Unis There is a maximum of 2000 machine hours available per week. Requirement: Determine the production plan which will maximize the weekly profit of Kofoi Brokeman Lad and prepare a profit statement showing the profit your plan will yield. (15 marks)