The variable costing income statement for Jackson Company for last year is as follows:

Sales (5,000 units)		P 100,000
Variable expenses:
Cost of goods sold	P30,000
Selling (10% of sales)	10,000	(40,000)
Contribution margin		P60,000
Fixed expenses
Manufacturing overhead	P24,000
Administrative	14,400	(38,400)
Operating income		P21,600

Selected data for last year concerning the operations of the company are as follows:

Beginning inventory - 0 unit Units produced - 8,000 units

Manufacturing costs: Direct labor - P3.00 per unit Direct materials - P1.60 per unit Variable overhead - P1.40 per unit

Prepare an absorption costing income statement for last year. (Hint: Operating income under absorption costing is higher.)