Maganda company manufactures pipes and uses a job order costing system. During May, the following jobs were started (no other jobs were in process) and the following costs were incurred:
                                                                                      Job X                          Job Y                  Job Z                      Total 
Materials                                                                  P10,000                       P20,000               P15,000             P45,000  
Direct labor                                                                  5,000                           4,000                   2,500                 11,500
                                                                                   P15,000                       P24,000                P17,500            P56,500 
In addition, estimated overhead of P300,000 and direct labor costs of P150,000 were estimated to be incurred during the year. Actual over head of P24,000 was incurred in May; overhead is applied on the basis of direct labor costs. If only Job X and Job Z were completed during the month, the journal entry to record the initiation of all jobs would be?

Last month, Sago Company placed P60,000 of materials into production. The Printing Department used 8,000 labor hours at P5.60 per hour and the Binding Department used 4,600 hours at P6.00 per hour. Factory overhead is applied at a rate of P6.00 per labor hour in the Printing Department and P8.00 per labor hour in the Binding Department. Sago's inventory accounts show the following balances:
                                                                                                              Beginning                          Ending
Finished goods                                                                                      P22,000                         P17,000
Work in process                                                                                        15,000                           17,600
Materials                                                                                                   20,000                           18,000
What is the cost of goods sold at normal costing?