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Question #3 Following data relates to Shahnoor Industries Ltd: Number of units produced Number of units sold 55,000 50,000 MARGINAL AND ABSORPTION COSTING 2 Rs.200 Selling price per unit Production cost per unit: Raw Material Direct Labour Variable Factory Overhead Fixed Factory Overhead Administrative and Selling Overhead Rs.75 Rs.50 50% of direct labour cost Rs.500,000 Rs.1,000,000 Required: (a) Prepare Operating statements using Absorption and Marginal Costing method. (b) Calculate closing stock value under the above two method