The following information from the first-year absorption-based accounting records of Shalom Company was made available:

Total fixed costs incurred 120,000

Total variable costs incurred 60,000

Total period costs incurred 90,000

Total variable period costs incurred 40,000

Produced 10,000 units

Sold 8,000 units

Sales price 15 per unit

Compute the following:

(1) Total manufacturing costs for the year.

(2) Fixed manufacturing overhead per unit.

(3) Cost of Goods Sold for the year.

(4) Cost of ending inventory to be presented in the financial position.

(5) Income/(loss) under Variable Costing.

(6) Income/(loss) under Absorption Costing.

(7) Which is higher, fixed production cost or fixed period costs? Use the underlined words in capital letters as your choice.