1. In presenting inventory on the balance sheet December 31, 2021, the unit cost under absorption costing is? 2. What is the net income for 2021 under variable costing? NUBD Company began its operations on January 1, 2021 and produces a single product that sells for P7 per unit. Standard capacity is 100,000 units per year. 100,000 units were produced and 80,000 units were sold in 2021. Manufacturing costs and selling and administrative expenses were as follows: Fixed costs Variable costs Direct materials P 1.50 per unit produced Direct labor 1.00 per unit produced Factory overhead P150,000 0.50 per unit produced Selling and administrative 80,000 0.50 per unit sold There were no variances from the standard variable costs. Any under or over-applied overhead is written off directly at year-end as an adjustment to the cost of goods sold