Prepare Income Statement as per (i) Variable Costing and (ii) Absorption Costing. [2014 (Nov.). Details Opening Inventory Production Sales End Inventory Basic Production/Sale Data (Units) Year 2011-12 Nil 68,000 56,000 12,000 Cost Structure per unit (3) Direct Materials Direct Labour Variable Manufacturing Overheads Standard Variable Cost of Production Sales Commission @ 4% of Sales value Selling price per unit Year 2012-13 12,000 56,000 64,000 4,000 300 400 50 750 1,250 Annual Budget for Fixed Manufacturing Overheads is 75,00,000 for the budgeted production of 60,000 units. Budgeted Fixed Selling and Administration Overheads are *32,50,000.