Basilio Company has a cycle time of 3 days, uses a Materials and In Process (MIP) account, and charges all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted, their conversion costs components are estimated and inventory account balances are adjusted. Raw material cost is backflushed from MIP to Finished Goods. The following information id for June:

Beginning balance MIP account, including P3,000 of

conversion costs P29,250

Beginning balance of finished goods account, including

P10,000 of conversion costs 30,000

Raw materials received on credit 562,500

Ending MIP inventory per physical count,

including P4,500 of conversion costs 32,000

Ending finished goods inventory per physical

count, including P8,750 of conversion costs 26,250

What is the balance of cost of goods sold on June?