9. Ajax Corporation transferred P72,000 of raw materials to its production department in February and incurred P37,000 of conversion costs (P22,000 of direct labor and P15,000 of overhead). At the beginning of the period, P14,000 of inventory (materials and conversion costs) was in process. At the end of the period, P18,000 of inventory was in process. What was the cost of goods manufactured? a. P105,000 b. P109,000 C. P123,000 d. P141,000