A company uses standard absorption costing to value inventory. Its fixed overhead absorption rate is R12 per labour hour and each unit of production should take 4 labour hours. In a recent period when there was no opening inventory of finished goods, 20000 units were produced using 100000 labour hours. 18000 units were sold. The actual profit was R464 000 . What profit would have been earned under a standard variable costing system? a. R440000 b. R368000 c. R344000 d. R560000