Use the following information for the next four (4) questions: During January 2021, Liquigan, Inc. produced 1,000 units of Product A with costs as follows: MaterialsP 6,000 Labor 3,300 Variable factory overhead 2,500 Fixed factory overhead 1,500 Total manufacturing costs 13,300 Selling and administrative cots incurred during the month were: Variable selling and administrative 3,000 Fixed selling and administrative2,000 and5,000 Selling priceP20 per unit Liquigan, Inc. uses the JIT system. It does not keep inventories in stock. 1).What amount should be considered product cost for external reporting purposes?

13.30

18.30

11.80

14.80

2.What is the product cost per unit under variable costing?

13.30

18.30

11.80

14.80

3.What is the variable cost per unit for purposes of computing the contribution margin?

13.30

11.80

14.80

13.20

4.Under absorption costing, income for January 2021 was

8,200

5,200

6,700

1,700

5.MD Santos Corporation's 2021 manufacturing costs were as follows: Prime cost P 560,000 Variable manufacturing overhead costs 80,000 Straight line depreciation of factory building and equipment 60,000 Factory supervisor's salary (P8,000 per month) 96,000 Other fixed factory overhead 40,000 What amount should be considered product cost for external reporting purposes

680,000

196,000

640,000

836,000

6.During the month of May, Vina Corporation produced and sold 12,000 units of a product. Manufacturing and selling costs incurred during May were: Direct material and direct labor 480,000 Variable factory overhead 108,000 Fixed factory overhead 24,000 Variable selling costs 12,000 The product's unit cost under variable costing was?

51

49

52

50

7.The product's unit cost under absorption costing was

51

49

52

50

8. Redillas Corporation's 2021 manufacturing costs were as follows: Prime costsP 400,000 Straight line depreciation of factory equipment60,000 Straight line depreciation of factory building 40,000 Janitor's salaries for cleaning factory premises 12,000 Salesmen's commission based on sales 20,000 Straight line depreciation for delivery van 15,000 How much of these costs should be inventoried for external reporting purposes?

512,000

400,000

547,000

412,000

9. Roz Corporation planned and actually produced 100,000 units of its only product in 2021, its first year of operations. Variable production cost was P60 per unit of product. Planned and actual fixed production costs totaled P800,000 and marketing and administrative costs totaled P500,000 in 2021. Roz Corporation sold 80,000 units of the product in 2021 at a selling price of P80 per unit. What is the cost of the ending inventor assuming variable costing is used?

1,360,000

1,460,000

6,000,000

1,200,000

10.Rick Corporation produces a single product. Variable manufacturing costs is P20 per unit and fixed manufacturing costs is P150,000. Rick Corporation uses a normal activity of 5,000 units to set its standards. Rick Corporation began the year with no inventory, produced 5,500 units, and sold 5,250 units. What is Rick's Corporation's ending inventory cost using absorption costing?

25,000

12,500

5,000

11,818