Z Corp. incurred the following costs in 2020 (its first year of operations) based on production of 10,000 units:

Direct material P5 per unit

Direct labor P3 per unit

Variable product costs P2 per unit

Fixed product costs (in total) P100,000

When Z Corp. prepared its 2020 financial statements, its Cost of Goods Sold was listed at P100,000. Based on this information, which of the following statements must be true:

a. From the information given, one cannot tell whether Z Corp.'s financial statements were prepared based on variable or absorption costing

b. Z. corp sold 5,000 units

c. Z. corp sold all 10,000 units that it produced

d. Z corp. had a very profitable year