At the beginning of the month, Roses Corporation had raw materials inventory of P100,000. It purchased additional raw materials amounting to P600,000. At the end of the month, it was reported that raw materials decreased by P80,000. Production reports showed that 100,000 units of Product X were manufactured at labor costs of P550,000 of which 10% is indirect labor; Work in process beginning is P56,000 and decreased by P16,000 at the end of the month. Factory overhead is applied at 80% of direct labor costs. Of the raw materials issued, only 80% is charged to the job.

What is the prime cost for the period?