RELIABLE Production Co.'s materials purchases for May 2020 totaled P110,000 and its cost of goods sold during the month was P345,000. Factory overhead was applied at 50% of direct labor cost. Inventories as follows: Finished goods Work in progress Materials Opening Closing P102,000 P105,000 P 40,000 P 36,000 P 20,000 P 26,000 The prime cost charged to work in progress during May, 2020 was P104,000 P240,000 P264,000 P244,000