PROBLEM: Financial Perspective Gloria Corporation presents the following information for year 2020 & 2021 Sales Production Expenses Direct materials Direct labor Factory overhead Gross Profit Operating Expenses Operating income 2020 P 45,000 2021 P 38,000 12,000 9,504 10,000 8,976 5,000 5,000 P 18,000 P 14, 520 13,000 P 5,000 13,000 P 1, 520 During the year 2020, the corporation was able to sell 10,000 units which is 25% above the sales in 2021. The same capacity was used for factory overhead and operating expenses for years 2020 and 2021. Other data are as follows: 2020 2021 Raw materials used (kg) 1,200 720 Direct labor hours 1,000 816