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How much are the net income under absorption costing

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Reference no: EM132576242

Question - Southseas Corp. uses a standard cost system. The standard cost per unit of one of its products are as follows:

Direct Materials P4.00

Direct labor 6.00

Factory overhead

Variable 3.00

Fixed (based on a normal capacity of 10,000 units) 2.00

Total 15.00

Beginning inventory 2,000 units

Production 8,000 units

Units sold (selling price P50) 7,000 units

Actual costs:

Direct materials P 35,000

Direct labor 50,000

Variable overhead 23,000

Fixed 18,000

Variable selling and adm. 60,000

Fixed selling and adm. 35,000

Variances are closed to cost of sales monthly

Required - How much are the net income under absorption costing and variable costing methods?

Reference no: EM132576242

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