The balances of Raw and in process and Finished goods inventory accounts at the end of May are:* (1 Point) The Emmanuel Corporation manufactures electrical meters. For May, there were no beginning inventories of raw materials and no beginning and ending work in process. Emmanuel uses a JIT manufacturing system and backflush costing with three trigger points for making entries in the accounting system: -Purchase of raw materials - debited to Rawand In process account - Completion of finished goods - debited to Finished goods account - Sale of finished goods Emmanuel's May standard cost per meter are direct materials, P25; and conversion costs, P20. The following data apply to May manufacturing: Raw materials and components purchased Conversion costs incurred Number of finished units manufactured Number of finished units sold P550,000 440,000 21,000 20,000 P550,000 and P945,000 respectively P25,000 and P945,000 respectively P550,000 and P45,000 respectively P25,000 and P45,000 respectively