Clinton Corporation The following information has been extracted from the financial records of Clinton Corporation for its first year of operations: 10,000 7,000 Units produced Units sold Variable costs per unit: Direct material Direct labor Manufacturing overhead SG&A Fixed costs: Manufacturing overhead SG&A P8 9 3 4 P70,000 30,000 Required: 1. Based on absorption costing, Clinton Corporation's income in its first year of operations will be 2. Based on absorption costing, the Cost of Goods Manufactured for Clinton Corporation's first year would be 3. Based on absorption costing, what amount of period costs will Clinton Corporation deduct? 4. For its most recent fiscal year, a firm reported that its contribution margin was equal to 40 percent of sales and that its net income amounted to 10 percent of sales. If its fixed costs for the year were P60,000, how much were sales? 5. At its present level of operations, a small manufacturing firm has total variable costs equal to 75 percent of sales and total fixed costs equal to 15 percent of sales. Based on variable costing, if sales change by P1.00, income will change by