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Determine the unit product cost under variable costing

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Reference no: EM132857113

Question - Joseph Company manufactures a single product and has the following cost structure:

Variable costs per unit

Direct materials P72

Direct labor P96

Variable manufacturing overhead P24

Variable selling and admin. P48

Fixed costs per month

Fixed overhead P2,400,000

Fixed selling and admin. P1,400,000

The Company produces 24,000 each month.

Required -

1. Determine the unit product cost under variable costing and absorption costing.

2. Assuming there are no beginning inventories and 24,000 units were produced and 23,600 units were sold in a month. If the unit selling price is P420, what is the net income under absorption costing and variable costing?

Reference no: EM132857113

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