The company produces only one product. Budgeted activity is expected to average 300,000 units per period, and production and sales for each period are follows. Page 3 of 5 There were no opening stocks at the start of period 1 , and the actual manufacturing fixed overhead incurred was Shs. 600,000 per period. Assume that fixed non- manufacturing overheads are Shs. 240,000 per period. Required; Prepare a profit statement based on (i) Marginal/variable costing (5 Marks) (ii) Absorption costing (5 Marks) (b) Describe four characteristics Just in time inventory systems (2 Marks) (c)The following information relates to one unit of the product. Required (i) Calculate the contribution margin (1 Mark) (ii) Calculate the break-even point in units and Ksh of sales (2 Marks)