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What would FFF Co have reported as its income

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Reference no: EM133188912

Question - The following information is available for FFF Co. for its first year of operations

Sales in units 5,500

Production in units 8,000

Manufacturing costs

Prime costs P8 per unit

Variable overhead P1 per unit

Fixed overhead P110,000

Net income (absorption method) P30,000

Sales price per unit P40,000

Required -

1. What would FFF Co. have reported as its income before income taxes if it had used variable costing?

2. What was the total amount of Selling, General and Administrative expenses incurred by FFF Co.?

3. Based on variable costing, what would FFF co. shows as the value of its ending inventory?

Reference no: EM133188912

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