QUESTION 4 Istanbul Trading Berhad produces and sells Turkish lamps. Budgeted Information for its product, Tiara, in the first qualter of 2021 are available: Inventory, I Januarv 2021 Fixed Manufactuing Overhead Variable Cost ofGoods Mamlfacturea During January: Sales Production Fixed Manufacturing Overhead Variable Cost of Goods Manufactured Variable Selling & Administrative Expense Fixe d Se and Administration Price Requir ed : 6,000 units RM14 40 per mit 75,000 units 70,000 units R-M864,OOO (based on nonnal volume: 60,000 units) RM71 00 per unit PX14 70 per unit P-M380 OOO a) b) Detemline the net income for the first quaffer of 2021 under the: (i) Absolption costing method (9 maffs) (il) Variable costing method (8 marks) Reconcile the differences bet-veen the net income generated under absorption costing method and variable costing method (3 marks)