ITEMS 20 and 21 ARE BASED ON THE FOLLOWING INFORMATION: Shinly Company began its operations on January 1, 2019, and produces a single product that sells for P10.00 per unit. Shinly uses an actual (historical) cost system. In 2019, 100,000 units were produced and 80,000 units were sold. December 31, 2019. Manufacturing costs and selling and administrative expenses for 2019 were as follows: There was no work-in-process inventory at Variable costs P 2.00 per unit P 1.25 per unit P 0.75 per unit P 1.00 per unit Fixed costs Raw materials Direct labor Factory overhead Selling and administrative P120,000 70,000 What would be Shinly's operating income for 2019 under the variable (direct) costing method? a. P114,000 b. P210,000 20. C. P234,000 P330,000 d. 21. What would be Shinly's finished goods inventory at December 31, 2019 under the absorption costing method? a. P 80,000 b. P104,000 P110,000 d. P124,000 C