A company provided the following partial income statements and detailed information for the past two years YEAR 2021 2020 Changes Sales P900,000 P480,000 P420,000 Cost of Sales 396,000 240,000 156,000 Gross Income 504,000 240,000 264,000         Unit Selling Price P375 P300   Unit cost 165 150   Quantity sold 2,400 1,600   How much is the price variance? a. 180,000 Favorable b. 180,000 Unfavorable c. 144,000 Favorable

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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A company provided the following partial income statements and detailed information for the past two years

YEAR 2021 2020 Changes
Sales P900,000 P480,000 P420,000
Cost of Sales 396,000 240,000 156,000
Gross Income 504,000 240,000 264,000
       
Unit Selling Price P375 P300  
Unit cost 165 150  
Quantity sold 2,400 1,600  

How much is the price variance?

a. 180,000 Favorable

b. 180,000 Unfavorable

c. 144,000 Favorable

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