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PROBLEM 12: The gross profit statements for 2013 and 2012 of Mimi Company follow: 2013 2012 Sales P 160,000 P 120,000 Cost of goods sold

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PROBLEM 12: The gross profit statements for 2013 and 2012 of Mimi Company follow: 2013 2012 Sales P 160,000 P 120,000 Cost of goods sold 120,000 72,000 Gross profit P 40,000 P 48,000 Mimi Company informed you that the unit cost decreased by 20% at the start of 2013. Requirements: 1. Determine the sales price and sales volume variances

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