ONYX Corporation, began its operation on January 1, 2021. It produces Product A that sell for P13.50 per unit. During 2021 150,000 units were produced and 15,000 units were left unsold in 2021.

Manufacturing cost were:

Direct materials P3.50 per unit; Direct labor P2,50 per unit: FOH P195,000 plus P1.00 per unit; Selling and Administrative P140,000 plus P1.20 per unit

What would be the operating income in 2021 using variable costing method?

What would be the cost of ending inventory under absorption costing?

What would be the cost of ending inventory under variable costing?