QUESTION 3 (14 MARKS) (You are advised to spend no longer than 40 minutes) Choco Chip Bakery makes and sells Brownies. The budgeted figures for the 1 quarter of 2022 are as follows: Production and Sales in units 40,000 units Selling price RM40 per unit Variable Manufacturing costs RM640,000 Variable Sales and Administrative costs RMB per unit Fixed costs RM500,000 Additional information: 1. 60% of fixed costs is for fixed sales and administrative costs. 2 Fixed costs are assumed to be incurred evenly throughout the year. 3. At the beginning of the year, there were no stocks of finished goods. 4. In the first quarter of the year, 55 000 units were produced, and 40 000 units were sold. Required: a. Calculate cost per unit using variable and absorption costing. (6 marks) b. Prepare Income Statement for Choco Chip Bakery using absorption costing for 1 quarter of 2022 (8 marks)