Kilihea Corporation's absorption costing income statement for July follows:

Kilihea Corporation

Income Statement

For the month ended July 31

Sales (9,500 units)

P427,500

Cost of Goods Sold:

Beginning Inventory

11,200

Add Cost of Goods Manufactured

280,000

Goods Available for Sale

291,200

Less Ending Inventory

25,200

Cost of Goods Sold

266,000

Gross Margin

161,500

Less Operating Expenses:

Fixed Administrative Expense

57,000

Variable Selling Expense

47,500

Total Operating Expenses

104,500

Net Operating Income

P 57,000

The company's variable production costs are P20 per unit and its fixed manufacturing overhead totals P80,000 per month.

The carrying value on the balance sheet of Kilihea's ending inventory under variable costing would be:

Group of answer choices