Question 1 (26 Marks) Table Makers CC (TM), is a company that manufactures and sells large size tables. Such large size tables are mainly used in the offices of the executives. A table is sold for N$800. Provided below is the company's data for 2020: (NS) 240 120 40 1 200 000 Manufacturing costs: Direct materials per unit Direct labour per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per annum Non-manufacturing costs: Variable selling administrative per unit Fixed selling administrative per annum Additional information: 80 1 800 000 There was neither opening inventory nor any work in progress at the beginning of the year. A total of 10 000 tables were produced during 2020 of which 90% were sold. MARKS 5 9 REQUIRED: 1.1 Under variable costing method, determine the production cost per table. 1.2 Prepare a profit statement for the year under the variable (marginal) costing method 1.3 Prepare a profit statement for the year under the absorption costing method. Prepare a reconciliation schedule to show why there is a difference in profits. TOTAL MARKS 8 1.4 4 26