The portion of the functional income statements of BP Company for 2021 and 2020 are presented below: 2021 P890,000 2020 Sales P800,000 Cost of goods sold Gross margin 530,000 450.000 360,000 350,000...

The portion of the functional income statements of BP Company for 2021 and 2020 are presented below:

2021

P890,000

2020

Sales

P800,000

Cost of goods sold

Gross margin

530,000

450.000

360,000

350,000

Assuming that the selling price in 2021 is reduced by 11 percent effective January 1, calculate the change in gross profit due to change in unit cost.