Technology Sdn Bhd is a manufacturer of Mini Bar Fridge for local market. One of the highly marketable type of Mini Bar Fridge is known as 'Light Fridge-60L' and is sold for RM450 each. The budgeted sales and production volumes are 18,000 units per annum. The standard cost of producing one unit of Light Fridge-60L is shown below: Direct Materials 2 units @ RM40 per unit Direct Labour 4 hours @ RM10 per hour Production overhead RM20 per unit Additional information: 1. Variable selling and distribution cost is RM12.00 per unit. 2. One quarter of production overhead cost is variable costs, and the remaining is fixed costs. 3. Other annual fixed costs for the year are as follows: Fixed selling and distribution cost RM120,000 General and administration costs RM650,000 4. Production and inventory data during the year 2020 is given below: Opening inventory on 1 January 2020 550 units Actual production 17,000 units Closing inventory on 31 December 2020 600 units Required: i. Prepare the income statement for the year ended 31 December 2020 using marginal costing and absorption costing approach. (14 marks) Reconcile the profits of the two income statements determined in (1) above. iii. b. (2 marks) i. Briefly discuss three (3) uses of marginal costing approach. (3 marks) ii. State two (2) situations where the net profit will be the same under both costing approaches. (2 marks) (Total: 21 marks)