44.Southseas Corp. uses a standard cost system. The standard cost per unit of one of its products are as follows:

Direct Materials P4.00

Direct labor 6.00

Factory overhead

Variable 3.00

Fixed (based on a normal capacity of 10,000 units) 2.00

Total 15.00

Beginning inventory2,000 units

Production8,000 units

Units sold (selling price P50)7,000 units

Actual costs:

Direct materialsP 35,000

Direct labor50,000

Variable overhead23,000

Fixed18,000

Variable selling and adm.60,000

Fixed selling and adm.35,000

Variances are closedto cost of sales monthly

How much are the net income under absorption costing and variable costing methods?