Cost of Goods Manufactured

7. Lovely Corporation transferred P 72,000 of raw materials to its production department in December and incurred P37,000 of conversion cost (P22,000 of direct labor and P15,000 of overhead). At the beginning of the period P14,000 of inventory (material and conversion cost) was in process. At the end of the period P18,000 of inventory was in process. REQUIRED: Compute how much is the cost of goods manufactured