Block Aight Peace Company Implements normal costing for its production. The following data are provided during the current year: New purchases of raw materials during the year, P500,000. Total Labor costs during the year, P800,000. Depreciation of factory assets during the year, P300,000. Utilities on the factory during the year, P100,000 Increase in Raw Materials Inventory, P100,000. Decrease in Work In Process Inventory, 300,000. Finished 

Goods, January 1, 600,000. Finished Goods, Dec. 31, 300,000. Indirect Materials used was 25% of the total material costs. The overhead changed to production is 80% of direct labor costs. 

1) What is the total Cost of Goods Manufactured ?

2) What is the amount of over/under application of overhead?