Parker Ltd - continued: Trading (production and sales): You should assume that today is Monday 27th November 2023. Sales: The company has the following sales orders to be delivered during December 2020. Production: The production schedule for December 2023 (product quantities and production resources requirement) is shown below. Note: At 1st December 2023 there will be no opening inventory of finished goods. Note: At 1st December 2023 there will be no opening inventory of finished goods. Resources requirement for production: Direct costs (variable costs): Fixed indirect production overheads: Indirect production overheads are fixed (unaffected by production activity levels) at 25,900 per month. This value has been allocated and apportioned to the 3 production departments as follows: Bases for absorption: - Machining department = Machine hours - Painting department = Direct labour hours - Assembly department = Direct labour hours Note: The quantity for absorption basis (for each production department) should be established using the total departmental resources requirement shown in the tables above. Task 2: Prepare (for each product and in total) the following planned values for December 2021: a. Prime costs 11 Marks b. Total (full) costs of production 14 Marks c. Finished goods closing inventories / cost of sales 7 Marks d. Gross profits (and gross profit margins) 3 Marks Note to task 2: The requirement of task 2 should be established using an absorption costing system (as described in the production process flowchart) The total task 2 mark above, includes marks allocated to short descriptive notes to warkings (