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3. JD pic produces and sells two products, X and Y, and uses an absorption costing system. Fixed production overheads are absorbed at a rate of E9.00 per machine hour based upon levels of production. Estimates for next period include: Product X Product Y Units Units Sales 15,800 26,300 Production 15,300 26, 400 + 983 Opening 1,940 1,900 Selling price per unit E1.15 E2.40 Variable production costs $7,650 0-5 E32, 472 1- 23 Machine hours 1,055 2,200 0- 75 Fixed production overheads incurred for the year was $28,350 for the period and selling and administration overheads at $9,580. Any under or over absorption fixed production overheads are transferred to profit and loss account in the period. Required: (a) Determine the net profit using absorption costing for the next period based upon the estimates above. Working should be clearly shown. Opening stock per unit same as the production cost per unit for the period. (9 marks) (b) The company is considering changing to a marginal costing system. Prepare a profit statement for next period in a marginal costing format, for each product and in total. (6 marks) (c) State the reason for, and clearly demonstrate in figures, the difference in net profit between (a) and (b). (5 marks) (Total 20 marks)