Michael Ross, general manager of a highly automated coffee production plant in Bulacan has provided the following information for transactions that occurred during October. The production plant uses a JIT costing system.

Raw materials costing P300,000 were purchased. All materials costing P300,000 were requisitioned for production. Direct Labor costs of P200,000 were incurred. Actual factory overhead costs amounted to P995,000/ Conversion costs allocated totaled P1,300,000. This includes the direct labor cost. All units are completed and immediately sold.

Requirement: (a) What is the overallocated or under-allocated conversion costs for the month? ______________. (b) What is the balance of cost of goods sold account on October 31 assuming no adjustment has been made for overallocated or under-allocated conversion costs? ______________.