Solve the following questions in Excel file.

1. The following information are taken away from the books of Nehemiah Company, which assumes first-in, first-out (FIFO) for inventory cost flow:

Inventory (in units)20192020

Beginning inventoryNone?

Production10,000 units9,000 units

Ending inventory3,500 units1,000 units

Sales (P 2 per unit)??

Variable manufacturing costs (P0.75 per unit)P7,500P6,750

Fixed manufacturing costsP5,000P5,400

Selling and administrative expenses (50% variable)P4,500P7,500

Required:

1. Determine 2019 profit under variable and absorption costing.
2. Determine 2020 profit under variable and absorption costing.

1. Joseph Company manufactures a single product and has the following cost structure:

Variable costs per unit

Direct materialsP72

Direct laborP96

Variable manufacturing overheadP24

Variable selling and admin.P48

Fixed costs per month

Fixed overheadP2,400,000

Fixed selling and admin.P1,400,000

The Company produces 24,000 each month.

Required:

1. Determine the unit product cost under variable costing and absorption costing.
2. Assuming there are no beginning inventories and 24,000 units were produced and 23,600 units were sold in a month. If the unit selling price is P420, what is the net income under absorption costing and variable costing?

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