Question 1 ECD Ltd has managers who are trying to find the two ways of calculating product cost and income statement. these are the variable costing and absorption costing methods Selected data for ECD Ltd are presented below Product X Hour rate for direst labour $ 25 Materials used in production [direct] $ 10,500 Produced units during this period 450 Sales [in units 3000 Selling price $16.50 Variable overhead [VOH] $ 3400 Fixed overhead [FOH] $ 3500 Non manufacturing cost Variable selling $ 4000 Fixed selling cost $ 6500 Variable admin cost $2400 Fixed admin cost $1700 Ending inventory $870 Beginning Inventory $1750 REQUIRED 1. Calculate product cost of product X using variable cost. 2. Calculate variable cost of goods for the year 3. Find the variable-costing net income 4. Calculate product cost of product X using absorption cost .. 5. Calculate cost of goods for the year using absorption method 6. Find the net income using absorption method [30 marks]