Honey Corporation produces a single product. All materials are added at the beginning of production. On January 1, 2014, 10,000 units of the product were in process in the Refining Department, the first department. During the month of January, 75,000 units were placed into production and 73,000 units were transferred out to the toning department, the second department. On January 31, 12,000 units were still in process in the Refining Department. The ending inventory is estimated to be complete as to materials and two-thirds complete as to labor and overhead. Cost data for the month of January are presented below: Beginning work in process inventory Added during January REQUIRED: Materials P64,000 616,000 Labor P25,500 266,080 Overhead P14,400 134,640 1. Compute for the Equivalent units of production for the month of January 2014. 2. Prepare a cost of production report for the refining department for the month of January 2014.