Karim Engineering co, began operations in 2020 and produced 60,000 units. its income statement under icoc fin the period ending December 31,2020 is given below: Calculate the value of ending inventory that appears on the balance sheet in 2020 under absorption costing Calculate the total contribution margin in 2020. Calculate the operating income under variable costing in 2020. In 2021, Karim Engineering plans to maintain same level of production but increase its sales to 65,000 units by decreasing selling price by 10%, reducing channel distribution costs to 1%, increasing Fixed Selling and Admin by $25,000 and decreasing Other Variable Selling and Admin by $1. There is no change in any manufacturing cost per unit. Calculat the Gross Profit in 2021 under IFRS. Calculate the Operating Income under Absorption Costing in 2021. Calculate the Total Contribution Margin in 2021