Dakalo Ltd, a manufacturer of beauty products, value its inventory using First-in-first out (FIFO). The actual results for the 2024 financial year are the following Details Sales Revenue Direct raw materials R 285 600 000 95 000 000 Direct labour 48 000 000 Variable manufacturing overheads 32 000 000 Fixed manufacturing overheads 60 000 000 Variable selling cost Fixed selling cost Non-manufacturing cost 3 000 000 5 000 000 35 000 000 • The opening inventory is 120 000 units, actual production 2 000 000 units and sales 2 040 000 units. • Budgeted and actual fixed manufacturing overhead amounts were equal. For this question only assume that: i. Opening inventory is valued at R110 per unit ii. An absorption costing system is used. The total gross profit for Dakalo Ltd is: Select one: a. R46 800 000 b. None of the options C. R43 920 000 d. R42 000 000 e. R37 400 000

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.