tendee - Zoom X B Assignment No. 2 - W2021 HRP X AC What is process costing? | Accor x G define Unde 3 ilearn.canadorecollege.ca/d21/Ims/dropbox/user/folder_submit_files.d21?db=147310&grpid=0&isprv=0&bp 1. The following information are taken away from the books of Nehemiah Company, which assumes first-in, first-out (FIFO) for inventory cost flow: Inventory (in units) 2019 2020 Beginning inventory None ? Production 10,000 units 9,000 units Ending inventory 3,500 units 1,000 units Sales (P 2 per unit) ? Variable manufacturing costs (P0.75 per unit) P7,500 P6,750 Fixed manufacturing costs P5,000 P5,400 Selling and administrative expenses (50% variable) P4,500 P7,500 Required: 1. Determine 2019 profit under variable and absorption costing 2. Determine 2020 profit under variable and absorption costing. 2. Joseph Company manufactures a single product and has the following cost structure: Variable costs per unit Direct materials P72 Direct labor P96 Variable manufacturing overhead P24 Variable selling and admin. P48 Fixed costs per month Fixed overhead P2,400,000 Fixed selling and admin. P1,400,000 The Company produces 24,000 each month. Required: 1. Determine the unit product cost under variable costing and absorption costing. 2. Assuming there are no beginning inventories and 24,000 units were produced and 23,600 units were sold in a month. If the unit selling price is P420, what is the net income under absorption costing and variable costing? Submit Cancel