MNO Products, Inc. planned and actually manufactured 200,000 units of its single product in 2020, its first year of operations. Variable manufacturing costs were P30 per unit of product. Planned and actual fixed manufacturing costs were P600,000, and marketing and administrative costs totaled P400,000 in 2000. MNO sold 120,000 units of product in 2020 at a selling price of P40 per unit. What is the cost of the ending inventory assuming variable costing is used?

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