62. Peter Senen Company has over applied overhead of P60,000 for the year. Before disposition of over applied overhead, selected year end balances from Peter Senen Company's accounting records were:

SalesP1,000,000

Cost of Goods Sold750,000

Direct Material Inventory50,000

Work in process inventory180,000

Finished goods inventory270,000

Under Peter Senen Company's accounting system, over or under applied overhead is allocated to appropriate inventories and COGS based on year end balances. In its year end Income statement, the Company should report COGS of:

b. P714,000

d. P787,500

a. P712,500

c. P730,000