C Company has underapplied factory overhead of P45,000 for the year ended December 31, 2008. Before disposition of the underapplied overhead, selected December 31, 2008, balances from C's accounting records are as follows: Sales P1,200,000 Cost of goods sold 720,000 Inventories: Direct materials 36,000 Work in process 54,000 Finished goods 90,000 Under C's cost accounting system, over- or underapplied overhead is allocated to appropriate inventories and cost of goods sold based on year-end balances. In its 2008 income statement. C should report cost of goods sold of