Question $1$ QVC Company produces kitchen cabinets at its factory. The following relates to the production of the kitchen cabinets for the period ending December $2020.$ The fixed production overhead was absorbed at a pre$-$determined rate per unit produced. Each kitchen cabinet was sold for $ $450.$ At the beginning of January $2020,$ there was opening stock of $4,375$ units valued at $ $262,500$; this includes fixed production overhead of $ $43,750.$ Required: a$)$ Prepare a marginal costing income statement for the company as at December $31,2020(7$ marks$)$ b$)$ Prepare an absorption costing income statement for the company as at December $31,2020(8$ marks$)[$ c$)$ Prepare the reconciliation statement as at December $31,2020.(5$ marks$)$; Total $20$ marks $]$