The following data were taken from the first-year absorption based accounting records of X Corp.:

 

Total fixed costs incurred Total variable costs incurred Total period costs incurred Total variable period costs incurred Units produced Units sold Unit sales price P 100,000 P 50,000 P 70,000 P 30,000 20,000 12,000 P 12.00 If X Corp had used variable costing in first year of operations, how much income (loss) before tax would it have reported?