QUESTION 2 (Total 25 marks) Total Storage Pte Ltd commenced operations on 1 January 2022, and is in the business of producing portable external storage devices. Data for the year ended 31 December 2022 is as follows Required: (a) Compute the cost of a single unit of product under BOTH the absorption costing and variable costing approaches (8 marks) (b) Prepare a contribution margin format income statement for the year using variable costing. (8 marks) (c) Compute the income using absorption costing approach, without oreparing an income statement (4 marks) (d) What would be the company/s finished goods inventory cost as at 31 December 2022 under (i) variable costing (ii) absorption costing