Save an Click Submit to complete this assessment. Question 8 of 8 Question 8 1 points Saved Queen has a contract on 1 March 2020 to buy 300 metres of silk from Jade each month for $180 per metre for two months starting 1 April 2020. From each metre of silk Queen makes one silk dress and will incur labour and other direct variable costs of $160 per dress. Queen normally can sell each dress for $400 but in late March 2020 the market price falls to $280. if Queen decides to cancel the silk purchase contract without two molishs' notice, it must pay a one-off cancellation penalty of 548,000 to Jade. Required: What amounts of onerous provision should be recognised in respect of the contract in Queen's financial statements for the year ended 31 March 2020? D A $36,000 B. $24.000 c. $48.000 b $100.800 Question 8 of 8 A Click Submit to complete this assess 2:35 PM ^ la a (x ENG * 4/18/2020