Sit-On-It began operations in January 2020. Sit-On-It manufactures vehicular seat covers using a just-in-time production system supported by a backflush costing system. This system has two trigger points: (1) the purchase of raw materials, and (2) the sale of finished good units. Standard unit costs are P40 for raw materials and P25 for conversion costs. Sit-On-It writes off any under- or overallocated conversion costs immediately. The following data were available for January 2020 Production in good units Sales of good units 19,800 19.750 Purchases of raw materials [20,000 units at P40] P800,000 Conversion costs incurred P496,000 Compute the following: The January ending total for all inventory balances The January cost of goods sold