Marginal Costing and Absorption Costing Question 1 You are provided with the following data from the books of the company ABC LTD, producing one product ALPHA, for the year 2019. Direct material cost per unit OMR 12 Direct labour cost per unit OMR 13.60 OMR 1.40 Variable manufacturing overhead per unit Total fixed manufacturing overhead per year Variable selling and administration expenses OMR 172,000 OMR 3 per unit sold Fixed selling and administration expenses OMR 98,000 Number of units produced per year 30,000 Units Number of units sold per year 24,000 Units Opening stock of finished goods 0 Selling price OMR 60 You are required to: A. Calculate the profit under marginal costing and absorption costing B. Explain the reason for any difference in net profit reported in the two statements and reconcile any such difference