Question 3 (13 marks) Biotech Ltd produces memory discs at its factory. The following information relates to the production of memory discs for the period ending 31 March 2020. Sales Production (Units) (Units) Budget Actual 90,000 96,000 87,000 93.000 Variable Prod. Cost $ 4,500,000 4.800,000 Fixed Prod. Overhead S 900,000 937,500 Fixed Selling Overhead $ 675,000 675,000 Budget Actual The fixed production overhead was absorbed at a pre-determined rate per unit produced. One memory disc was sold for $130. At the beginning of April 2019, there was opening inventory of 5,250 units valued at $315,000; this includes fixed production overhead of $52,500. Required: a. Prepare a marginal costing income statement for the company. [3 marks) b. Prepare an absorption costing income statement for the company. [8 marks) c. Reconcile the income under both statements. [2 marks]