Question: Cheap Flights Corporation presented the following information using the absorption-based accounting. Total fixed costs incurred P 200,000 Total variable costs incurred 100,000 Total period costs

Cheap Flights Corporation presented the following information using the absorption-based accounting.

Total fixed costs incurred P 200,000 Total variable costs incurred 100,000 Total period costs incurred 140,000 Total variable period costs incurred 60,000 Units produced 40,000 Units sold 24,000 Unit sales price 12

Calculate the following:

1. Cost of goods sold 2. Net income or (loss) under variable costing

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