Please answer all question with detailed explanation T Ltd produces a single product 'T-10" and sells it at a fixed price of 2,050 per unit. The production and sales data for first Quarter of the year 2014-15 are as follows:

Particulars April May June Sales in units 4,200 4,500 5,200 Production in units 4,600 4,400 5,500 Actual/budget information for each month was as follows: Direct materials 4 kilograms at 3120 per kilogram Direct labour 6 hours at 60 per hour Variable production overheads 150% of direct labour Sales commission 15% of sales value Fixed production overheads 35,00,000 Fixed selling overheads 395,000 There was no opening inventory at the start of the quarter. Fixed production overheads are budgeted at 360,00,000 per annum and are absorbed into products based on a budgeted normal output of 60,000 units per annum. Required: (a) Prepare a profit statement for each of the three months using absorption costing principles. (6) Prepare a profit statement for each of the three months using marginal costing principles. (c) Present a reconciliation of the profit or loss figures given in your answer to (a) and (b)