stion 3 (25 marks; 45 minutes) IM Marite Lii budget fo Additional Information: Tha nranisation uses an absorption costing system. Inventory is valued monthly, and profits are also ubsorption costing system. Juct as itory to Actual sales were exactly as budgeted. Upeniniy inr.w.w. in production causeu uiv would be calculated usin Required: 3.1 Prepare an absorption costing income statement using actual results for the Ruby product. (14) 3.2 Prepare a variable costing income statement using actual results for the Ruby product. 122 3.3 Reconcile the profits