Illustrative Problem 5 (CPR with Accretion; using FIFO method) Herbal Products Company produces a chemical preservative in two departments, Refining and Blending. The process begins in the Refining Department, where the liquid chemical base is removed from a crude chemical stock purchased from a large domestic chemical company. The liquid base is then transferred to the Blending Department, where other chemicals are added, which increase the total quantity of the product. The blended product is then transferred to the warehouse to await sale and shipment to customers. Materials are added at the beginning of the process in the Blending Department. At the end of April, there were 2,000 units in process in the Blending Department, 20% complete as to labor and 40% complete as to overhead. During May, 5,000 units were received from the Refining Department, and a sufficient quantity of materials was added in the Blending Department to double the quantity of units in process. At the end of May, there were 1,500 units still in process, 60% complete as to labor and 80% complete as to overhead. Cost data related to May operations in the Blending Department are: Beginning Inventory Added This Month Cost charged to the department: Costs from the preceding department P2,460 P12,500 Materials 500 2,500 Direct labor 150 3,300 Factory overhead 600 7,630 P3,710 P29,640 Required: Prepare a CPR for the Blending Department using FIFP cost flow for May.