At the start of the financial year, the company had 4000 desks of closing inventory from the previous year. During the current year, the company produced 26000 desks, but had 2000 unsold . , by the end of the year. A piece of "The Student Aid" is sold for GHS 1,500. Required: 1. Using the full-coating approach, prepare an income statement to ascertain profit for the period [12 marks] ii. Prepare an income statement for the year ended showing the total contribution. [12 marks ii. Explain the difference in net incomes and prepare a reconciliation statement [6 marks] iv. Calculate the company's break-even point in units of desk and in sales revenue 16 marks] v. Determine the percentage drop in sales for the K-M Pomaah Lad at which losses are inevitable. 15 marks] vi. Estimate the resultant impact of a 12.5% increase in sales on the net income of K-M Pomaah (4 marks] vii. State five assumptions underlying the concept of cost volume profit relationship. (5 marks] At the start of the financial year, the company had 4000 desks of closing inventory from the previous year. During the current year, the company produced 26000 desks, but had 2000 unsold . , by the end of the year. A piece of "The Student Aid" is sold for GHS 1,500. Required: 1. Using the full-coating approach, prepare an income statement to ascertain profit for the period [12 marks] ii. Prepare an income statement for the year ended showing the total contribution. [12 marks ii. Explain the difference in net incomes and prepare a reconciliation statement [6 marks] iv. Calculate the company's break-even point in units of desk and in sales revenue 16 marks] v. Determine the percentage drop in sales for the K-M Pomaah Lad at which losses are inevitable. 15 marks] vi. Estimate the resultant impact of a 12.5% increase in sales on the net income of K-M Pomaah (4 marks] vii. State five assumptions underlying the concept of cost volume profit relationship. (5 marks]