Duck Sdn. Bhd is serving its clients in the fashion and beauty industries for various products and services. The company estimates that the sales for 2021 financial year will be RM840,000. The following income statement for 2020 information is provided Duck Sdn. Bhd Duck Sdn. Bhd Income statement for the year ended Breakdown of cost and expenses into Fixes March 31, 2020 and variable components for the year ended March 31, 2020 RM RM Sales revenue 560,000 Cost of goods sold (-) Cost of goods sold 210,500 Fixed cost 110,000 Gross profit 349,500 Variable cost 100,500 (-) Operating expenses 116,700 Total costs 210,500 Operating profit 232,800 Operating expenses (-) Taxes (40%) 93,120 Fixed expenses 85,800 Net profit after taxes 139,680 Variable expenses 30,900 Total expenses 116,700 Required: (1) Prepare a pro-forma income statement for the year ended March 31, 2021, by using the percent-of-sales method. [7 marks] (ii) Prepare a pro-forma income statement for the year ended March 31, 2021, by using the fixed and variable cost data. [8 marks] (iii Based on your answer from part (i) and part (ii), briefly explain which pro forma would you regard as more accurate. [2 marks]