The Compay Manufacturing Company has a cycle of 1.5 days, uses a raw and in process (RIP) account, and charges all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted, their conversion cost components are estimated, and inventory account balances are adjusted. Raw material cost is back flushed from RIP to Finished Goods. The following information is for June:

 

Beginning balance of RIP account, including P1,200 of conversion costP11,700

Beginning balance of Finished Goods account, including P4,000 of conversion cost P12,000

Raw materials received on credit P222,000

Ending RIP inventory per physical count including P1,800 conversion cost estimate P12,800

Ending Finished Goods inventory per physical count, including P3,500 conversion cost estimate P9,500

Direct Labor: P80,000; Factory Overhead: P70,000

How much is the amount of Cost of Goods Sold after all transactions and adjustments were completed?

How much is the amount to be back flushed from Finished Goods to Cost of Goods Sold?