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The variable costing income statement for Jackson Company for last year is as follows: ...

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Accounting

The variable costing income statement for Jackson Company for last year is as follows:

Sales (5,000 units) P 100,000
Variable expenses:
Cost of goods sold P30,000
Selling (10% of sales) 10,000 (40,000)
Contribution margin P60,000
Fixed expenses
Manufacturing overhead P24,000
Administrative 14,400 (38,400)
Operating income P21,600

Selected data for last year concerning the operations of the company are as follows:

Beginning inventory - 0 unit Units produced - 8,000 units

Manufacturing costs: Direct labor - P3.00 per unit Direct materials - P1.60 per unit Variable overhead - P1.40 per unit

Prepare an absorption costing income statement for last year. (Hint: Operating income under absorption costing is higher.)

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