RJ Limited manufactures one standard product and operates a system of variance accounting using a fixed budget. As assistant management accountant, you are responsible for preparing the monthly operating statements. Data from the budget, the standard product cost and actual data for the month of October are given below. Budgeted and standard cost data: Budgeted sales and production Standard cost for each unit of product Units 6,000 Rupees Material MM (15 kg at Rs. 2 per kg) 30.00 Material NN (10 kg at Rs.2.50 per kg) 25.00 Direct wages (7.5 hours at Rs. 10 per hour) 75.00 Variable production overhead (7.5 hours at Rs. 6 per hour) 45.00 Fixed production overhead (80% of direct wages) 60.00 235.00 Budgeted profit (20% of sales price) 58.75 Budgeted sales price 293.75 Actual data for the month of October Production and sales 5,800 units at a price of Rs. 280 per unit. Direct materials MM consumed 90,000 kg at Rs. 1.90 per kg Direct materials NN consumed 55,000 kg at Rs. 2.70 per kg Direct wages incurred 45,000 hours at Rs. 10.80 per hour Variable production overhead incurred Fixed production overhead incurred Required: Rs 1,624,000 171,000 148,500 486,000 268,000 352,000 Prepare operating statement along with all possible variances for the month of October under absorption costing. Prepare operating statement along with all possible variances for the month of October under marginal costing