4. JV Company began operations on Jan. 1, 2020 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 2020. Manufacturing costs, selling and administrative expenses were as follows: Fixed Costs Variable Costs P1.50 per unit produced Raw materials Direct labor Selling & Administrative Factory overhead P150,000 P80,000 P1.00 per unit produced PO.50 per unit produced PO.50 per unit sold There were no variances from the standard variable costs. Any under or over-applied overhead is written off directly at the year-end adjustment to cost of goods sold.