1. The following data were taken from the records of Best Company:

Raw Materials Inventory, 09/30/2011 - P50,000

Work in Progress, 08/31/2011 - P80,000

Work in Progress, 09/30/2011 - P95,000

Finished Goods, 08/31/2011 - P60,000

Finished Goods, 09/30/2011 - P78,000

Raw materials purchases, P46,000

Factory overhead, 75% of direct labor cost, P63,000

Selling and administrative expenses, 12.5% of sales, P25,000

Net income for September 2011, P25,000

What is the cost of raw materials inventory on August 31, 2011?