Istanbul Trading Berhad produces and sells Turkish lamps. Budgeted information for its product, Tiara, in the first quarter of 2021 are available: Required: a) Determine the net income for the first quarter of 2021 under the: (i) Absorption costing method ( 9 marks) (ii) Variable costing method ( 8 marks) b) Reconcile the differences between the net income generated under absorption costing method and variable costing method. ( 3 marks) [TOTAL 20 MARKS]