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

REQUIRED Calculate the closing inventory as at 31 December 2023 and gross profit for the year ended 31 December 2023 if the absorption costing method is used to prepare the income statement. INFORMATION Mega Manufacturers incurred the following costs for the year ended 31 December 2023: During 2023, 60000 units were produced. Fifty-eight thousand ( 58000 ) units were sold at R70 each.