Table Top & Co. produces coffee tables. The tables are sold online only as a flat pack. The following selling price and manufacturing variable costs per unit information relate to the business for the year ended 30 June 2020: Sales price $190 Direct material $60 Direct labour $30 Variable overhead $40 The fixed manufacturing overhead for the current period was $4 000 000. are business produced 250 000 tables but sold 190 000 tables for the year. Table Top & Co also incurred the following selling and administrative expenses: Fixed $90 000 Variable $4 per unit sold. Required: 1. Calculate the cost per unit under absorption and variable costing. (2 marks) 2. Prepare income statement for the current year using: (a) absorption costing (5 marks) (b) variable costing (5 marks) Required: 1. Calculate the cost per unit under absorption and variable costing. (2 marks) 2. Prepare income statement for the current year using: (a) absorption costing (5 marks) (b) variable costing (5 marks) 3. Why do you think there is more profit under absorption costing? Reconcile the difference in profit between absorption costing and variable costing. (2 marks) 4. If the accountant prepares the annual financial statements for reporting purposes using variable costing, will the accountant breach any of the fundamental code of ethics? State which one(s). (1 mark)