(Solved): REQUIRED Calculate the closing inventory as at 31 December 2023 and gross proft for the year ended 3 ...

REQUIRED Calculate the closing inventory as at 31 December 2023 and gross proft for the year ended 31 December 2023 if the absorption costing method is used to prepare the income statement. (4 marks) INFORMATION Mega Manufacturers incurred the following costs for the year ended 31 December 2023: \table[[Variable manufacturing costs,R1872000],[Fixed manufacturing costs,R1 008000],[Variable selling costs,R576000],[Fured seling and administrafive costs,R520000]] Duning 2023,60000 units were produced. Fify-eight thousand ( 58000 ) units were soid at R70 each.