Data are as follows: Beginning inventory balances for WIP and Finished Goods inventory are P 67,000 and P 54,000, respectively

Data are as follows: Beginning inventory balances for WIP and Finished Goods inventory are P 67,000 and P 54,000, respectively. Ending balances of raw materials, WIP and Finished goods inventory are as follows: P 39,000, P 59,000 and P 48,000, respectively. Raw materials purchases are P 45,000. Factory overhead totaled P 7,500 (this is 75% of total Direct labor cost). Total expenses of the company totaled P 11,500 which is 11.5% of total sales. Net income is 31,000. Compute the total Cost of Goods Sold.