QUESTION 3 The following are the manufacturing costs of ABC Co. for the year 2017. Variable manufacturing costs per unit RM Direct material used Direct labour 148 Variable manufacturing overhead 12 Fixed manufacturing overhead 12,000,000 Selling price per unit 380 160 Required: i. Compute the cost of goods sold using Absorption costing by assuming the company manufactured 300,000 units and sold 260,000 units ii. prepare income statement under Absorption and Marginal Costing for the year 2017