Q.No.3 (06 Marks) XYZ produces an expensive yet desirable product by customer in the form of bicycle to be sold at Re. 210 per unit. Selected data for the year, 2020 is as follows: Number of units produced 20000 Number of units sold 19000 Number of units in closing inventory 1000 Variable cost per unit: Direct Material RG.50 per unit Direct Labor RG.80 per unit Variable manufacturing overhead RG. 20 per unit Variable selling & administrative RG. 10 per unit Fixed Costs: Fixed manufacturing cost RG.700,000 Fixed selling & administrative cost RG.285,000 Required: 1. Prepare Unit Product cost per bicycle under variable costing also prepare an income statement. 2. Prepare Unit Product cost per bicycle under absorption costing also prepare an income statement. 3. Prepare reconciliation statement to reconcile the net operating income under variable costing to absorption costing. 4. What is the breakeven point in terms of number of bicycle sold