The annual flexible budget below was prepared for use in making decisions relations to Product Z. 100,000 units 150,000 units 200,000 units Sales volume P 800,000 P1,200,000 P1,600,000 Manufacturing costs: Variable P300,000 P450,000 P600,000 Fixed 200,000 200,000 200,000 P500,000 P650,000 P800,000 Selling & other expenses Variable P200,000 P300,000 P400,000 Fixed 160,000 160,000 160,000 P360,000 P460,000 P560,000 Income (or loss) P(60,000) P90000 P240,000 At the end of the first 6 months, the following information is available: Units Production completed 120,000 Sales 60,000 All fixed costs are incurred uniformly throughout the year. Annual sales have the following seasonal pattern. Portion of Annual Sales First quarter 10% Second quarter 20% Third quarter 30% Fourth quarter 40% Reported net income (or loss) for the first 6 months under absorption costing is