Method choice:

1. Which of the following statement is correct?

a. In a variable costing income statement, sales revenue is typically higher than in
absorption costing income statement.
b. When production is not equal to sales, income under absorption costing
differs from income under variable costing due to the difference in treatment
(product cost and income cost) of the fixed overhead cost under the two
costing methods.
c. In a variable costing system, fixed overhead cost is included as part of the cost of
inventory.
d. In an absorption costing system, fixed overhead cost is treated as a period cost.

2. Which of the following statement is true?

a. Depreciation expense is always a product cost.
b. Depreciation expense is always a period cost.
c. Selling and administrative costs, whether variable or fixed, is always treated
as period costs under both the absorption and variable costing systems
d. Income under absorption costing is always greater than income under variable costing

3. If production is less than sales (in units), then absorption costing net income will generally be
a. Greater than variable coating net income
b. less than variable coating net income
c. equal to variable coating net income
d. less than expected

4. if a firm uses variable costing,

a. its product costs include variable selling and administrative costs.
b. Its profit fluctuate with sales.
c. it calculate an idle facility variation.
d. its product costs per unit changes because of changes in the number of units
produced.

5. The inventory costing method that treats direct manufacturing costs and indirect
manufacturing costs, both variable and fixed, as inventoriable costs is called
a. Variable costing.
b. Absorption costing
c. Conversion costing.
d. Perpetual inventory.

6. Which of the following statements regarding absorptions and variable costing is correct?
a. Absorption costing results in higher income when finished goods inventory
increases.
b. Variable manufacturing costs are lower under absorption coating.
c. Overhead costs are treated in the same manner under both variable and absorption
costing methods.
d. Profits are always the same under the two costing methods.

7. Which of the following cost items is not correctly accounted for as a product costs under
absorption and variable costing?
PRODUCT COST UNDER
ABSORPTION VARIABLE
a. Shipping costs No No
b. Straight-line depreciation
Of factory equipment Yes
Yes
c. Factory supplies Yes
Yes
d. Direct materials Yes
Yes
8. Which of the following must be known about a production process to institute a variable
costing system?
a. The direct and indirect costs related to production
b. Standard quantities and prices for all production inputs
c. The variable and fixed components of manufacturing costs
d. The capacity level or denominator level o be used in allocating fixed overhead costs

9. What costs are treated as product costs under variable costing?

a. All variable costs c. all manufacturing costs
b. All direct costs only d. only variable production costs

10. Which of the following would most likely decrease the product cost per unit under variable
costing?
a. A decrease in the commission paid to salesman for each unit sold
b. An increase in the number of units sold
c. A decrease in the remaining useful life of a factory equipment depreciated using the
straight line method
d. An increase in the remaining useful life of a factory equipment depreciated
on the units-of-production method

11. On the variable costing income statement, the difference between the “contribution margin”
and “income before income tax” is equal to
a. The total operating expenses
b. The total fixed costs
c. Fixed selling and administrative expenses
d. The total variable costs

12. Under variable costing, all fixed cost are expensed during the current period because
a. Fixed costs are usually immaterial in amount.
b. Fixed costs are non-controllable costs.
c. Fixed costs are incurred whether or not there is production, so it is not
proper to allocate these costs to production defer a current cost of doing
business.
d. Allocation of fixed costs is usually done arbitrarily and could lead to erroneous decision
by management

13. Which of the following statements is incorrect?

a. In a variable costing income statement, variable selling and administrative expenses
are used both in the computation of contribution margin and operating income.
b. When using a variable costing system, the contribution margin (CM) discloses the
excess of revenues over variable costs.
c. In an income statement prepared as an internal report using the variable
costing method, fixed FOH is used in the computation of operating income
and contribution margin.
d. Using absorption costing, fixed manufacturing overhead costs are best described as
indirect product cost.

14. A company prepares income statement using both absorption and variable costing methods. At
the end of the period, a comparison of actual and budgeted net income, although actual sales,
gross margin, and contribution margin approximated the budgeted figures. There were no
beginning and ending inventories during the period the most likely explanation of the increase
in net income is that, compared to budget, actual
a. Selling price was higher
b. Variable costs was lower
c. Fixed selling and administrative costs was lower
d. Fixed factory overhead cost was lower

15. Income under absorption costing may differ from income under variable costing. The difference
in income between the two costing methods is equal to the change in the quantity of all units
a. Produced multiplied by the variable manufacturing cost per unit.
b. Sold multiplied by the fixed factory overhead cost per unit.
c. In inventory multiplied by the fixed factory overhead cost per unit.
 d. Sold multiplied by the selling price per unit.

16. Net income computed using absorption costing can be reconciled to net income computed
using variable costing by computing the difference between
a. The gross profit under absorption costing and contribution margin under variable
costing.
b. The product costs per unit under the two costing methods.
c. Inventoried fixed factory overhead costs in the beginning and ending
finished goods inventories.
d. The selling prices under the two costing methods.

17. A company prepares income statements using the both absorption and variable costing
methods, during the year, the income amounts under the two methods are not equal. The
difference in income figures could have been due to the following, except
a. A change in the finished goods inventory.
b. A change in the selling price of the products.
c. An excess of production volume over sales volume.
d. An excess of sale volume over production volume.

Items 18 to 22 ARE BASED ON THE FOLLOWING INFORMATION:

During January 200A , Liquigan, Inc. produced 1000 units of product A with costs as follows:
Materials P6,000
Labor 3,300
Variable factory overhead 2,500
Fixed factory overhead 1,500
Total manufacturing costs P13,300

Selling and administrative costs incurred during the month were:

Variable selling and administrative P3,000
Fixed selling and administrative 2,000
P5,000

Selling price per unit P20.00

Laquigan, Inc. uses the JIT system. It does keep inventories in stock.

18. What amount should be considered product cost for external reporting purposes?
a. P13.30 c. P11.80
b. P18.30 d. P14.80

19. What is the product cost per unit under variable costing?
a. P13.30 c. P11.80
b. P18.30 d. P14.80

20. What is the variable cost per unit for purposes of computing the contribution margin?
a. P13.30 c. P11.80
b. P18.30 d. P14.80

21. Under absorption costing, income for January 200A was

a. P 8,200. c. P6,700
b. P5,200. d. P1,700

22. What would income be if variable costing were used?

a. Equal to income under absorption costing because that should always be the case.
b. Equal to income under absorption costing because the total fixed overhead
costs expensed under both methods are the same.
c. An amount greater than that under absorption costing because production is equal to
sales.
d. An amount less than that under absorption costing because there is no change in
inventory.
 23. MD Santos Corporation’s 200A manufacturing costs were as follows:
Prime costs P560,000
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?
a. P680,000 c. P640,000
b. P196,000 d. P836,000

ITEMS 24 to 25 ARE BASED ON THE FOLLOWING INFORMATION:

During the month of May, Vinarao Corp. produced and sold 12,000 units of a product.
Manufacturing and selling costs incurred during May were:
Direct material and direct labor P480,000
Variable factory overhead 108,000
Fixed factory overhead P24,000
Variable selling costs 12,000

24. The product’s unit cost under variable costing was

a. P51. c. P52.
b. P49. d. P50.

25. The product’s unit cost under absorption costing was

a. P51. c. P52.
b. P49. d. P50.

26. Galang Corporation produced 10,000 units of product A during the month of November. Costs
incurred during the month were as follows
Direct materials used P20,000
Direct labor 16,000
Variable manufacturing overhead 8,000
Fixed manufacturing overhead 10,000
Variable selling and administrative expenses 2,400
Fixed selling and administrative expenses 9,000
P65,400

What were product A’s product costs per unit under absorption and variable costing?
Absorption costing Variable costing
a. P6.54 P6.54
b. 4.40 5.40
c. 3.60 4.64
d. 5.40 4.40

27. Redillas Corporation’s 200A manufacturing costs were as follows:

Prime costs P400,000
Straight-line depreciation of factory equipment 60,000
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?
a. P512,000 c. P547,000
b. P400,000 d. P412,000

ITEMS 28 to 30 ARE BASED ON THE FOLLOWING INFORMATION:

Vicencio Corporation began its operations on January 1, 200A. It produces a single product that
sells for P13.50 per unit. The company uses an actual (historical) cost system. During 200A,
 150,000 units were produced and 135,000 units were sold. There was no work-in-process
inventory at December 31, 200A. Manufacturing costs and selling and administrative expenses
for 200A were as follows:
Fixed costs Variable costs
Raw material - P3.50 per unit produced
Direct labor - 2.50 per unit produced
Factory overhead P195,000 1.00 per unit produced
Selling and administrative 140,000 1.20 per unit sold
P335,000 P8.20

28. What amount would Vicencio Corporation’s operating income be for 200A using the variable
costing method?
a. P702,000 c. P380,500
b. P715,500 d. P400,000

29. What would Vicencio Corporation’s operating income be for 200A using the absorption costing
method?
c. P702,000 c. P380,500
d. P715,500 d. P400,000

30. The costs of ending inventory under the two costing methods were:
Absorption costing Variable costing
a. P124,500 P105,000
b. 105,000 124,500
c. 142,500 123,000
d. 123,000 142,500

31. Labasan Corporation produces a single product. Variable manufacturing costs is P20 per unit
and the fixed manufacturing costs is P150. Labasan Corporation uses a normal activity of 5,000
units to set its standards.

What is Labasan Corporation’s ending inventory cost using absorption costing?

a. P25,000 c. P5,000
b. P12,500 d. P11,818

32. Roz Corporation planned and actually produced 100,000 units of its only product in 200A, its
first year of operations. Planned and actual fixed production costs was P800,000 and marketing
and administrative costs totaled P500,000 in 200A. Roz corporation sold 80,000 units of the
product in 200A at a selling price of P80 per unit.

What is the cost of the ending inventory assuming variable costing is used?
a. P1,360,000 c. P6,000,000
b. P1,460,000 d. P1,200,000

ITEMS 33 and 34 ARE BASED ON THE FOLLOWING INFORMATION:

Deveza cookies produce and sells boxed choco cookies. There are 100 pieces of cookies per
box.

The following income statement shows the results of Deveza’s first year of operation. This
income statement was the one included in the company’s annual report to the stockholders:

Sales (600 boxes at P25 per box) P15,000

Less cost of goods sold (600 boxes @ P16 per unit) 9,600

Gross margin P5,400

Less selling and administrative expenses 2,400
Income P3,000

Variable and selling administrative expenses is P1.80 per box.

 During the year, the company produced 750 boxes. Variable production costs is P10.50 per box
and fixed manufacturing overhead costs totaled P4,125.

33. What is the company’s variable costing net income?

a. P2,175 c. P7,620
b. P3,000 d. P5,400

34. The cost of the ending inventory under absorption costing is higher than the cost of ending
inventory under variable costing by
a. An amount equal to the difference in the income amounts under both costing
methods.
b. An amount equal to the fixed overhead cost per unit.
c. the amount equal to the fixed overhead cost charged to expense during the period.
d. An amount computed by multiplying the units in the ending inventory by the fixed
costs per unit.

35. Domingo Corporation produces a product which it sells for P150 per unit the product’s costs
are as follows:
Variable manufacturing costs P60
Fixed manufacturing overhead P240,000 per quarter
Fixed selling and administrative expenses 870,000 per quarter

The company’s normal capacity is 25,000 units per quarter. During the first quarter, 23,000
units were produced and 21,000 units were sold. There was no beginning inventory for the
quarter. The absorption costing profits during the quarter was
a. P800,870. c. P780,000.
b. P800,000. d. P880,000.

ITEMS 36 To 44 ARE BASED ON THE FOLLOEING INFORMATION:

Silva Corporation uses an absorption costing system for internal reporting purposes. At
present, however, it is considering to use the variable costing system:

Following are some data regarding Silva Corporation’s budgeted and actual operation for the
calendar year 200B:

COSTS Budgeted Actual

Materials P 25,200 P 23,400
Labor 18,480 17,160
Variable factory overhead 8,400 7,800
Fixed factory overhead 10,640 10,000
Variable selling expenses 16,800 15,000
Fixed selling expenses 14,700 14,700
Variable administrative expenses 4,200 3,750
Fixed administrative expenses 6,300 6,375
P104,720 P98,185

Budgeted Actual
(units) (units)
Finished goods beginning inventory 280 280
Production 1,120 1,040
Sales 1,120 1,000
The budgeted costs were computed based on the budgeted production and sales of 1,100
units, the company’s normal capacity level. Silva Corporation uses a predetermined factory
overhead rate for applying manufacturing overhead costs to its product. The denominator level
used in developing the predetermined rate is the firm’s normal capacity. Any over-or under
applied factory overhead cost is closed to cost goods sold at the end of the year.

There are no work-in –process inventories at either the beginning at the end of the year. The
actual selling price was the same as the amount planned, P130.00 per unit.
 The previous year’s planned per unit manufacturing costs were the same as the current
planned unit manufacturing cost. The beginning inventory of finished goods for absorption
costing purposes was valued at such per-unit manufacturing cost.

36. The standard product costs per unit are:

Absorption costing Variable costing
a. P56.00 P46.50
b. 46.50 56.00
c. 93.00 74.75
d. 93.50 94.40

37. The manufacturing cost variances are:

Variable Fixed
Manufacturing cost manufacturing cost
a. P 0 P120 favorable
b. 0 120 unfavorable
c. 3,720 unfavorable 640 unfavorable
d. 3,720 favorable 640 favorable

38. Silva Corporation’s operating income under both the absorption and variable costing methods
were:
Absorption Costing Variable Costing
a. P33,675 P34,055
b. 73,880 64,750
c. 34,175 33,675
d. 34,055 33,675

39. The values of Silva Corporation’s actual ending finished goods inventory on the absorption and
variable costing methods were:
Absorption Costing Variable Costing
a. P320 P320
b. 14,880 17,920
c. 17,930 14,880
d. 56 46,50

40. Silva Corporation’s total fixed cost expensed this year on both costing method were:
Absorption Costing Variable Costing
a. P30,695 P31,075
b. 30,575 31,075
c. 30,575 30,575
d. 30,500 31,640

41. Silva Corporation’s actual manufacturing contribution margin for the year calculated on the
variable costing basis was
a. P46,500 c. P83,500
b. P65,250 d. P64,750

42. Silva Corporation’s actual contribution margin for the year calculated in the variable costing
basis was
a. P46,500 c. P64,750
b. P65,250 d. P83,500

43. The total variable costs expensed currently by Silva Corporation on both the absorption and
variable costing bases were
a. The same c. P65,550
b. P64,500. d. P73,080

44. The difference between Silva Corporation’s operating income calculated on the absorption
costing basis and that on the variable costing bases was
a. P380 c. P500
b. P9,130 d. P14,880
 45. In anticipation of an economic boom next period, the company increased its production to
140% of its normal capacity level. At the end of the period, finished goods inventory was 200%
higher than the beginning inventory. If an absorption costing income statement is prepared
instead of a variable costing income statement, income next period will be
a. Higher c. the same
b. Lower d. differed to next period

46. During the year, Apduhan Corporation produced 500 units of a new product. The new product’s
variable and fixed manufacturing cost per unit were P5 and P3, respectively

At the end of the period, the new product’s inventory consisted of 80 units.

What would be the change in the peso amount of inventory at the end of the period if
absorption costing were used instead of variable costing?
a. P640 increased c. P240 increased
b. P400 increased d. P0

ITEMS 47 and 48 ARE BASED ON THE FOLLOWING INFORMATION:

Vanessa Corporation produces and sells a single product. In 200A, its first year of operation,
planned an actual production was 80,000 units. It sold 75,000 of these units for P30 per unit.

Planned and actual costs in 200A were as follows:

Manufacturing non-manufacturing
Variable P480,000 P400,000
Fixed 320,00 240,00

47. Using absorption costing, the company’s operating income in 200A would be
a. P860,00 c. P1,500,000
b. P840,00 d. P1,400,000
48. Using the variable costing, the company’s operating income in200A would be
a. P860,00 c. P1,500,000
b. P840,00 d. P1,400,000

ITEMS 49 and 50 ARE BASED ON THE FOLLOWING INFORMATION:

A company produces and sells a single product. For 200A, its first year of operations, the
following
were its planned and costs:
Planned Actual
Production: 10,000 units 11,000 units

Costs: per unit total

Manufacturing:
Variable P48 P48,000 P530,00
Fixed 32 320,00 360,00
Non-manufactoring
Variable 40 400,000 42,000
Fixed 24 240,000 240,00

During the year, the company sold 10,500units for P150 per unit. All variances from standard
manufacturing costs are closed to cost of goods sold at the end of the year.

49. How much were the standards manufacturing cost variances?

Variable
a. P50,000 unfavorable
b. 70,000 unfavorable
c. 2,000 unfavorable
d. 48,00 unfavorable
Fixed
P40,000 unfavorable
40,000 unfavorable
8,000 unfavorable
32,000 unfavorable

50. The operating income under both the absorption and variable costing methods were:
 Absorption costing Variable costing
a. P75,000 P89,000
b. 75,000 51,000
c. 65,000 41,000
d. 65,000 49,000

51. Torreno Company has failed to attain its planned capacity level of 80,000 units per year during
its first two years of operations. The company’s actual production and sales for past 2 years
and projected production and sales for the 3rd year are as follows:
Production Sales
200A 72,000 72,000
200B 76,000 76,000
200C 72,000 72,000

All prices and costs have remained the same for the past 2 years and are expected to be so in
200C. Income has been positive in years 200A and 200B.

If Torreno Company uses the absorption costing system, the gross margin 200AC should be

a. Equal to 200B c. greater than 200A

b. Equal to 200A d. greater than 200B

52. A company produces a single product. Production is done only when orders are received from
customers. Thus, no inventory is kept at the end of the period. For the last period, the following
data were available:
Sales P32,000
Materials 7,240
Labor 4,840
Rent (90% factory, 10% office) 2,400
Depreciation (80% factory, 20% office) 2,000
Supervision (2/3 factory, 1/3 office) 1,200
Salesmen’s salaries and commission 1,040
Insurance (60% factory, 40% office) 960
Office supplies 600
Advertising 560

If the company uses absorption costing, the cost of goods sold during the period was

a. P18,640 c. P20,840
b. P17,216 d. P12,080

ITEMS 53 and 54 ARE BASED ON THE FOLLOWING INFORMATION:

Charlie Corporation’s records for the year 200B show the following data:
Net sales (6,000 units) P21,000
Cost of goods manufactured (7,000 units):
Variable 9,450
Fixed 4,725
Operating expenses:
Variable 1,470
Fixed 2,100
There were no finished goods at the beginning of the period. Neither was there any
work-in-process inventory at the beginning and end of the year’

53. Charlie Corporation’s finished goods inventory costs at the end of 200B under both the
absorption and variable costing methods are:
Absorption costing Variable costing
a. P1,350 P2,025
b. 2,535 1,560
c. 2,025 1,350
d. 1,560 2,535
 54. Charlie Corporation’s operating income figures during the year under both costing methods
(absorption and variable costing) were:
Absorption costing Variable costing
a. P5,280 P4,605
b. 11,430 8,850
c. 8,850 11,430
d. 4,605 5,280

ITEMS 55 to 60 ARE BASED ON THE FOLLOWING INFORMATION:

Lead Corporation developed the following annual flexible budget formulas for both its
manufacturing and non-manufacturing cost:

Manufacturing cost = 200,000 + 3x; where x = production in units

Non-manufacturing cost = 160,000 + 2y ;y = sales in units

The flexible budget formula was base on the normal capacity level of 200,000 units per year.

At the end of the six (6) months, the company was able to produce 120,000 units of the
product, one-half (1/2) of which was sold during the same period for P8 per unit.
All fixed cost are budgeted and incurred uniformly throughout the year and all fixed costs
incurred coincide with the budget. Over-and-underapplied fixed manufacturing costs are
deferred until year-end.

Sales show a seasonal pattern: starting from 10% of annual production and sales volume in
the first quarter, and increases by 10% every quarter thereafter.

55. The amount of fixed manufacturing costs applied to production during the first six months
under absorption costing is
a. P100,000 c. P200,000
b. P120,000 d. P240,000

56. Under absorption costing, the amount of the over or underapplied fixed factoring overhead
cost that would closed to cost of goods sold at the end of the first six months is
a. P120,000 overapplied c. P80 underapplied
b. P 20,000 overapplied d. P0

57. The reported net income (for loss) for the first six months under absorption costing is
a. P40,000 c. P20,000
b. P60,000 d. (P40,000)
58. The reported net income (for loss) for the first six months under variable costing is
a. P180,000 c. P40,000
b. (P180,000) d. P0

59. Assuming that 90,000 units of the product were sold during the first six months and that this is
to be used as basis for developing the annual production sales budget, the revised estimate for
the total number of units to be sold during the year is
a. 300,000 units c. 200,000 units
b. 180,000 units d. 360,000 units

60. Refer to the original data. The difference in income under absorption and variable costing may
be accounted for with the use of which computation?
a. Difference between product and sales times the fixed factory overhead cost per unit.
b. Increase in inventory times the fixed factory overhead cost per unit less the
overapplied fixed factory overhead.
c. Increase the inventory times the fixed FOH cost per unit.
d. Difference between budgeted and actual production times the fixed FOH cost per unit
less the overapplied fixed factory overhead.

61. Throughput costing

a. Treats al cost as period costs except for direct materials.
b. Is very suitable for companies were labor and overhead are variable costs.
 c. Results in higher income than does variable costing when production exceed sales.
d. Penalizes low production and rewards high production.

62. When production exceeds sales

a. Income under variable costing is greater than income under absorption costing.
b. Income under throughput costing is greater than under variable costing.
c. Income under throughput costing is greater than under absorption costing.
d. Throughput costing will show the least income among the three (absorption,
variable, and throughput) costing methods

63. Once acompany has reduced inventories to zero,

a. Throughput costing income will be higher than variable costing income.
b. Absorption costing income will be higher than throughput costing income.
c. Absorption costing, variable costing, and throughput costing income will be
equal.
d. The company has reached its breakeven point.

ITEMS 64 to 65 ARE BASED ON THE FOLLOWING INFORMATION:

The following data pertain the Spikey Company’s production and sales activities for the month
of November:

Production 9,000 units

Sales 7,000 units
Standard variable manufacturing costs P20 per unit
Standard fixed manufacturing costs P25 per unit
Selling and administrative expenses (all fixed) P80,000

Normal capacity is 10,000 units per month. There was no inventory at the beginning of
November. The product sells for P75 per unit. All costs were incurred as expected. Of the
standard variable manufacturing cost of P20, P12 is for materials.

64. Income under variable costing is

a. P105,000 c. P15,000
b. P55,000 d. P80,000

65. Income under throughput costing is

a. P105,000 c. P55,000
b. P80,000 d. P15,000

66. Kulit Company produces a single product. Last year, the company’s net operating income
computed by the absorption costing method was P25,600, and its net operating income
computed by the variable costing method was P36,400. The company’s unit product cost was
P18 under variable costing and P20 under absorption costing. If the ending inventory consisted
of 20,600 units, the beginning inventory in units must have been:
a. 5,400 c. 8,000
b. 2,800 d. 13,400

67. Maskulit Company produces a single product. Last year, the company’s net operating income
computed by the absorption costing method was P36,400, and its net operating income
computed by the variable costing method was P25,600. The company’s unit product cost was
P18 under variable costing and P20 under absorption costing. If the beginning inventory
consisted of 8,000 units, the ending inventory in units must have been:
a. 5,400 c. 8,000
b. 2,800 d. 13,400

68. Kulitalaga Company produces a single product. Last year, the company’s net operating income
computed by the absorption costing method was P36,000, and its net operating income
computed by the variable costing method was P26,000. The company’s unit product cost was
P18 under variable costing. During the period, inventory changed by 5,000 units. The
company’s unit product cost under absorption costing was:
a. P20 c. P16
 b. P18 d. P2

69. Kakulitkulit Company produces a single product. Last year, the company’s net operating
income computed by the absorption costing method was P36,000. The company’s unit product
cost was P18 under variable costing and P22 under absorption costing. During the period,
inventory increased by 5,000 units. The company’s income under variable costing must have
been:
a. P20,000 c. P16,000
b. P56,000 d. P41,000

70. Grabengkulit Company produces a single product. Last year, the company’s net operating
income computed by the variable costing method was P30,000. The company’s unit product
cost was P18 under variable costing and P20 under absorption costing. During the period,
inventory decreased by 8,000 units. The company’s income under variable costing must have
been:
a. P30,000 c. P14,000
b. P46,000 d. P16,000
Acraman,
Norhanan
S.