Hi, can you solve this question using excel layout and formatting?

\"7.! Intermediate: Calculation of overhead absorption rates and an explanation of the dlfl'erences In prots. A company manufactures a single product with the following variable costs per unit: Direct materials 7.00 Direct labour 5.50 Manufacturing overhead 2.00 The selling price of the product is 36.00 per unit. Fixed manufacturing costs are expected to be 1 340 000 for a period. Fixed nonmanufacturing costs are expected to be 875000. Fixed manufacturing costs can be analysed as follows: Production Department Service General .1'. 2 department factory 380 000 465 000 265 000 230 000 'General factory' costs represent space costs. for example rates. lighting and heating. Space utilization is as follows: Production department 1 40% Production department 2 50% Service department 10% Sixty per cent of service department costs are labour related and the remaining 40 per cent machine related. Normal production department activity is: Direct labour Machine Production hours hours units Department 1 80000 2400 120000 Department 2 100 000 2400 120000 Fixed manufacturing overheads are absorbed at a predetermined rate per unit of production for each production department. based upon normal activity. Required: (a) Prepare a prot statement for a period using the full absorption costing system described above and showing each element of cost separately. Costs for the period were as per expectation. except for additional expenditure of 20 000 on xed manufacturing overhead in Production Department 1. Production and sales were 116 000 and 114 000 units respectively for the period. (14 marks) (b) Prepare a prot statement for the period using marginal costing principles instead. (5 marks) (0} Contrast the general effect on prot of using absorption and marginal costing systems. respectively. (Use the gures calculated in {a} and (b) above to illustrate your answer.} (6 marks) ACCA Cost and Management Accounting 1