how much is net income for december.

No handwritten solution, please.

On December 1, the Diamond Company had the following inventories; materials, P 24,000 ; work in process, P 12,000; and finished goods; P 36,000. During the month, materials purchases totaled P 56,000. Direct labor for December was P 40,000, at a uniform wage of P6.40 per hour. Marketing and administrative expenses for the month amounted to 10% of net sales. Inventories on December 31, were as follows: materials P 20,000 work in process ,P8,000; and finished goods, P 40,000. Net sales for December totaled P 200,000. Factory overhead is apply on the basis of P 8 per direct labor hour