Your task is to prepare the counterpart variable costing income statements for the same years. To be able to do that, you were provided with the following data: The budget used as basis to prepare the 2020 and 2021 absorption costing income statements contained the following estimates: Actual direct materials cost was 9285,000 for 2020 and 9270,000 for 2021 . Actual direct labor cost for 2020 was P128,000 while it was at P140,000 for the year 2021. Actual fixed overhead was 937,400 for 2020 and 933,000 for 2021. Actual variable overhead was equal to the applied overhead for both years. Selling \& Administrative expenses are 50% variable \& 50% fixed. Actual activity levels for 2020 and 2021 were 20,000&23,000 direct labor hours, respectively. Data on inventory are shown below: Your task is to prepare the counterpart variable costing income statements for the same years. To be able to do that, you were provided with the following data: The budget used as basis to prepare the 2020 and 2021 absorption costing income statements contained the following estimates: Actual direct materials cost was 9285,000 for 2020 and 9270,000 for 2021 . Actual direct labor cost for 2020 was P128,000 while it was at P140,000 for the year 2021. Actual fixed overhead was 937,400 for 2020 and 933,000 for 2021. Actual variable overhead was equal to the applied overhead for both years. Selling \& Administrative expenses are 50% variable \& 50% fixed. Actual activity levels for 2020 and 2021 were 20,000&23,000 direct labor hours, respectively. Data on inventory are shown below