No 1: (35 Marks) Al Muttrah Group began their operation on 1st January 2010. Following details are related to their operations for the period of Jan 1st 2015 till Dec 31st 2015. Direct Material Cost per unit Direct Labor Cost per unit Variable Manufacturing Cost per unit Fixed Manufacturing Cost (Capacity 400 units) Variable Selling Expenses Fixed Selling Expenses Fixed Admin Expenses Omani Rials 5 8 3 4,000 5% of Sales Revenue. 4,000 2,000 Group manufactured 500 units during its first year of operation and could sell only 300 units each at Omani Rials 50. There was no opening inventory at the start of the year. Required: 1. 23 Calculate Cost per unit under Marginal and Absorption Costing Assumption. (10 Marks) 2. Prepare Statement of Profit & Loss under Marginal Costing Assumption. (10 Marks) Prepare Statement of Profit & Loss under Absorption Costing Assumption. 3. 4. Prepare Profit Reconciliation Statement. (10Marks)