KI Machine Tool Incorporated produces a varied product line without the use of direct labor. An extensive setup procedure is required. Because no single base for a predetermined overhead rate will provide KI with reliable product cost information, overhead is classified into two cost pools and two predetermined overhead rates are used. For 2019, it is estimated that total overhead costs will consist of P525,000 of overhead related to setups and P900,000 of overhead related to machine usage. Total machine usage is expected to be 3,600 hours for the year, and the total number of setups is expected to be 300.

Job 345 required parts and materials costing P56,000, 70 hours of machine time, and four setups.

How much is the cost of Job 345?