please do it in detail

QUESTION 4 Istanbul Trading Berhad produces and sells Turkish lamps. Budgeted information for its product, Tiara, in the first quarter of 2021 are available: Inventory, 1 January 2021 6,000 units Fixed Manufacturing Overhead RM14.40 per unit Variable Cost of Goods Manufactured RM71.00 per unit During January Sales 75,000 units Production 70,000 units Fixed Manufacturing Overhead RM864,000 (based on normal volume: 60,000 units) Variable Cost of Goods Manufactured RM71.00 per unit Variable Selling & Administrative Expense RM4.70 per unit Fixed Selling and Administration RM380,000 Selling Price RM115 per unit Required: a) Determine the net income for the first quarter of 2021 under the () Absorption costing method (9 marks) () Variable costing method (8 marks) b) Reconcile the differences between the net income generated under absorption costing method and variable costing method. (3 marks) TOTAL 20 MARKSI