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Hanif Engineering Co. began operations in 2020 and produced 30,000 units. Its income statement under IFRS for the period ending December 31, 2020 is given below: Sales (25,000 units sold) $ 2,500,000 Less: COGS Variable manufacturing costs $ 750,000 Fixed manufacturing costs $75,000 ($825,000) Gross Profit $ 1,675,000 Less: Selling, General, and Admin Fixed selling & admin $100,000 Channel distribution (2% of Sales) $ 50,000 Other variable, selling, & admin $ 750,000 ($900,000) Operating Income $ 775,000 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. A/ Calculate the operating income under variable costing in 2020. A/ In 2021, Hanif Engineering plans to maintain same level of production but increase its sales to 32,000 units and increasing selling price by 10%. The channel distribution costs will increase to 3%. Fixed Selling and Admin will increase by $40,000 and Other Variable Selling and Admin will increase by $1. There is no change in any manufacturing cost per unit. Calculate the Gross Profit in 2021 under IFRS. Calculate the Operating Income under Absorption Costing in 2021. A/ Calculate the Total Contribution Margin in 2021