Problem 2-5. ISAIAH GRAN Motors ass uses standard costing. Actual data relating to April and May 2020 are as follows; April May Beginning Inventory in units 0 150 Production in units 500 400 Sales in units 350 520 Variable Costs: Manufacturing cost per unit P10,000 P10,000 Selling and Admin per unit 3,000 3,000 Fixed Costs: Manufacturing Cost P2,000,000 P2,000,000 Selling and Admin Cost 600,000 600,000 The selling price per toy vehicle is P24,000. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 500 units. There are no price, efficiency, or spending variance. Any production - volume variance is written off to cost of goods sold in the month in which it occurs. Requirements: 1. Prepare the April and May income statement under Absorption and Variable Costing. 2. Reconcile the costing methods 3. The variable manufacturing costs of ISAIAH GRAN Motors are as follows: April May Direct Materials P6,700 P6,700 Direct Labor 1,500 1,500 Factory overhead 1,800 1,800 Prepare the financial statement for ISAIAH GRAN in April and May under throughput costing