QUESTION 3 (25 MARKS) Ridhin Co Ltd is a company that manufactures and sells a specific spare part for Land Rovers. The following budgeted/actual information is provided in relation to the production of this spare part. Details for the months of March and April 2021 are as follows: Fixed production overheads are budgeted at Rs 50,000 per month and are absorbed on a unit basis. The normal level of production is budgeted at 5,000 units per month. Variable sales commission 10% of sales revenue There is an opening inventory of 1,000 spare parts on 1st March 2021. REQUIRED (a) Prepare profit statements for each month using: (i) Marginal costing (ii) Absorption costing [20 marks] (b) Prepare a statement reconciling the marginal with the absorption profit for the month. [5 marks]