Genco Inc. makes a single product that sells for P50. The standard variable manufacturing cost is P32.50 and the standard fixed manufacturing cost is P7.50, based on producing 20,000 units. During the year Genco produced 22,000 units and sold 21,000 units. Actual fixed manufacturing costs were P157,000; actual variable manufacturing costs were P735,000. Selling and administrative expenses, all fixed, were P75,000. There were no beginning inventories.

a. What is the net income under the standard absorption costing income statement? b. What is the net income under the standard variable costing income statement?