QUESTION 1 Nice2022 Limited is a company producing and selling plastic products. Sales price per unit is RM20.00. Below is the information on the production and sales of the product for 2021: Cost per unit: RM Direct material Direct labour Variable overhead Fixed overhead Other costs: 0.90 2.50 0.50 0.50 RM Variable selling expenses 5% from total sales Fixed selling expenses 25,000 Fixed administration expenses 15,000 Unit produced, sold and stock: Unit Sales 130,000 Opening stock 10,000 Production 150,000 Additional information: Budgeted fixed overhead amounted to RM105,000 Budgeted production are 175,000 units You are required to: a) Calculate the over/under absorbed of overhead. b) Prepare the statement of profit and loss using the absorption costing format. c) Show the marginal profit/loss by preparing the profit reconciliation statement (4 marks) (13 marks) (3 marks)