Damit Company manufactures and sells a single product.  Planned and actual production in its first operation was P90,000 units.  Planned and actual costs for the year were as follows:

Manufacturing  Variable     = 540,000

Non manufacturing  Variable  = 450,000

Manufacturing Fixed  =360,000

Non manufacturing  Fixed = 270,000

The company sold 76,500 units for P20 each.

1)      Determine the profit using absorption costing