Name: Student Number: Q5) The table below shows the costs for November 2016. Costs Amount Direct materials $5,000 Production workers' salary $1,000 Utilities for factory $3,000 Rental and cleaning for factory and office $12,000 Below are some additional information concerning Champion: 500 pairs of Olympics were manufactured in the month of November 2016; The factory occupies 90% of the floor space; Monthly rental and cleaning costs are fixed. a) Calculate the product cost of manufacturing each pair of Olympics using Absorption Costing. Show your workings clearly. b) If the product cost of manufacturing Olympics amounts to $18 per pair using Variable Costing, calculate the selling price of a pair of Olympics if they want to have a gross profit margin of 20%. Show your workings clearly. c) With reference to the scenario given, explain the impact of using Variable Costing to set Olympics' selling price