Question 1 LG Inc., produces and sells Sleek TV sets with modern technology. The company has jus developed a Beginning inventory 0 Units produced 1,000 Units sold 750 Selling price per unit. $850 Selling and administrative expenses: Variable per unit Fixed (per month) $65,000 Manufacturing costs: Direct materials cost per unit. $475 Direct labor cost per unit. $55 Variable manufacturing overhead cost per unit $60 Fixed manufacturing overhead cost (per month) $110,000 Management is anxious to see how profitable the new TV will be and has asked that an incaran $25 (per month) $110,000 Management is anxious to see how profitable the new TV will be and has asked that an income statemen Required: Assume that the company uses absorption costing. Determine the unit product cost. (6 marks) (You can copy paste the following table while you write the Sr. No. Particulars Amount Prepare an income statement for March ( 12 Marks) Sr. No. Particulars Amount Determine the unit product cost. assuming that the company follows the variable costing method (6 marks) Sr.No. Particulars Amount Prepare a contribution format income statement for March ( 12 marks) Sr. No. Particulars Amount . Assume that the company uses variable costing. I Explain the reason for any difference in the ending inventory balances under the two costing methods and the impact of this difference on reported net operating income. Path p > span Clirt