Question 1 (20 Marks) Li Ping makes a single product and has the following data for the past three operating periods: Period 1 000 Period 2 Period 3 000 000 Sales revenues 342 386 422 Total operating costs 288 315.5 338 Operating profit 54 70.5 84 The total fixed costs, unit variable costs and the selling price per unit, have all remained constant in the past three periods. Required (a) Use the high-low method to determine the periodic fixed costs. (b) Calculate, for Period 4, the total sales revenue required in order to earn a net profit of 96,000 Ici Define direct and indirect costs