The comparative inventory data for SAN JOSE Manufacturing Corporation for the year ended December 31, 2014 is summarized below:.What is the cost of goods sold at actual cost?

January 1 December 31 Materials inventory P 55,000 53,000 Work in process inventory 49,000 59,000 Finished goods inventory 45,000 47,000 During the year 2014, the corporation completed, among others, the following transactions: a. Purchases, all on account, direct materials, P2,100,000; indirect materials, P400,000. b. The total materials requisitioned for use during the year included P360,000 for indirect materials. C. The payroll for the year was a follows: direct labor, P1,650,000, indirect labor, P550,000. d. The payroll was vouchered, and analysis disclosed the following details: Gross W/H Tax SSS Phil Health HDMF ECC Direct labor P 1,650,000 P 80,000 P 40,000 P 12,000 P 38,000 P 6,000 Indirect labor 550,000 40,000 12,500 3,000 12,000 1,500 e. Other manufacturing expenses vouchered amounted to P920,000, and depreciation charges were P450,000 on plant assets. f. Manufacturing expenses were applied to production at predetermined rate equal to 150% of direct labor cost. g. Completed goods were transferred to the finished goods warehouse. h. All sales are made on terms 2/10, n/30; billing price is at 150% of cost. i. At the end of the year, any overapplied or underapplied manufacturing expense is treated as an adjustment to the cost of goods sold