Luke's Lubricant started business in January 2021. The following information are available for the month of January:

Beginning inventory (gallons) 0

Started 900,000

Ending work in process 40% complete 100,000

Materials P568,800

Labor 145,200

Overhead 294,000

All production is sold. There is uniform application of cost.

Required:

a) Compute for the cost of goods sold and the work in process end.

b) President wants you to decrease the cost of goods manufactured by changing the estimate for the percentage of completion. Do you decrease the estimated percentage or increase it to achieve a lower cost of goods sold?