Malik Engineering Co. began operations in 2020 and produced 80,000 units. Its income statement under IFRS for the period ending December 31, 2020 is given below: Sales (60,000 units sold) $ 1,500,000 Less: COGS Variable manufacturing costs $ 360,000 Fixed manufacturing costs $ 75,000 ($435,000) Gross Profit $ 1,065,000 Less: Selling, General, and Admin Fixed selling & admin $ 50,000 Channel distribution (2% of Sales) $ 30,000 Other variable, selling, & admin $ 420,000 ($500,000) Operating Income $ 565,000 For all answers: only enter digits (round values where necessary). Do not enter S sign, or commas, or decimal points. Calculate the value of ending inventory that appears on the balance sheet in 2020 under absorption costing. A/ Calculate the total contribution margin in 2020. Calculate the operating income under variable costing in 2020

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