The Sweden Manufacturing Company uses a Raw and In Process (RIP) inventory account and expenses all conversion costs to the cost of goods sold account. At the end of each month, all inventories are counted, their conversion cost components are estimated, and inventory account balances are adjusted accordingly. Raw material cost is backflushed from RIP to Finished Goods. The following information is for the month of August: Beginning balance for RIP account, including P4,800 of conversion cost P43,000 Raw materials received on credit 680,000 Ending RIP inventory per physical count, including P5,300 conversion cost estimate 47,200 The amount matetial cost to be backflushed from RIP to Finished Goods is