The 2020 records of Cheng Company showed the following data:

Units sold 12,000 Units produced 14,000 Cost of goods manufactured Fixed P 9,450 Variable 18,900 Operating expenses Fixed 2,400 Variable 2,940

There was no beginning and ending work in process during 2020. Neither was there any finished goods at the beginning of the year. The selling price per unit is P3.5.

Calculate the following (Only the final answer shall be rounded off to two decimal places): 1. Operating income for the year under variable costing 2. Operating income for the year under absorption costing 3. Ending finished goods inventory under variable costing 4. Ending finished goods inventory under absorption costing