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Source: Problem 5-21, Managerial Accounting, Asia Global Edition, 2e by Garisson, Noreen, Brewer, Cheng, Yuen

Guochang Li was hired as chief executive officer (CEO) in late November by the board of directors of ContactGlobal, a company that produces an advanced global positioning system (GPS) device. The previous CEO had been fired by the board of directors due to a series of shady business practices including shipping defective GPS devices to dealers.

Guochang felt that his first priority was to restore employee moralewhich had suffered during the previous CEOs tenure. He was particularly anxious to build a sense of trust between himself and the companys employees. His second priority was to prepare the budget for the coming year, which the board of directors wanted to review in their December 15 meeting. After hammering out the details in meetings with key managers, Guochang was able to put together a budget that he felt the company could realistically meet during the coming year. That budget appears below:

Basic Budget Data
Units in beginning inventory	0
Units produced	400000
Units sold	400000
Units in ending inventory	0
Variable cost per unit:
Direct Materials	57.2
Direct Labor	15
Variable manufacturing overhead	5
Variable selling and administrative	10
Total variable cost per unit	87.20
Fixed Cost:
Fixed Manufacturing Overhead	6,888,000.00
Fixed Selling and Administrative	4,560,000.00
	11,448,000.00

ContactGlobal
Budgeted Income Statement
Absorption Method
Sales( 400,000 units x 120/unit)		48,000,000
Cost of Goods Sold (400,000units x 94.42/unit)		37,768,000
Gross Margin		10,232,000
Selling and Administrative Expenses:
Variable Selling and Administrative
(400,000x 10/unit)	4,000,000
Fixed Selling and Administrative	4,560,000	8,560,000
Net Operating Income		1,672,000

The board of directors made it clear that this budget was not as ambitious as they had hoped. The most influential member of the board stated that "managers should have to stretch to meet profit goals. After some discussion, the board decided to set a profit goal of $2,000,000 for the coming year. To provide strong incentives, the board agreed to pay out very substantial bonuses to top managers of $10,000 to P25,000 each if this profit goal was eventually met. The bonus would be all-or-nothing. If actual net operating income turned out to be P2,000,000 or more, the bonus would be paid. Otherwise, no bonus would be paid.

Required: Unfortunately, by October of the next year it had become clear that the company would not be able to make the $2,000,000 target profit. In fact, it looked like the company would wind up the year as originally planned, with sales of 400,000 units, no ending inventories, and a profit of P1,672,000. Several managers who were reluctant to lose their year-end bonuses approached Guochang and suggested that the company could still show a profit of P2,000,000. The managers pointed out that at the present rate of sales, there was enough capacity to produce tens of thousands of additional GPS devices for the warehouse and thereby shift fixed manufacturing overhead costs to another year. If sales are 400,000 units for the year and the selling price and cost structure remain the same, how many units would have to be produced in order to show a profit of at least P2,000,000 under absorption costing and construct an absorption costing income statement.