KERI LANG Company has underapplied overhead of P45,000 for the year. Before disposition of the underapplied overhead, selected year-end balances from Keri Lang's accounting records were: Sales, P2,400,000 Cost of goods sold, P1,440,000 Direct materials inventory, P72,000 Work-in-process inventory, P108,000 Finished goods inventory, P180,000 Under Keri Lang's cost accounting system, overapplied or underapplied overhead is allocated to appropriate inventories and COGS based on year- end balances in its year-end income statement. What amount of COGS should Keri Lang report? *