Magnetic Co. produces three products, A, B and C, A and C are joint products, while B is a by-product of A. No joint cost is allocated to the by-product. The production data for the year 2008 were as follows:

a. In Department I, 220,000 kilos of raw materials are processed at a total cost of P240,000. After processing, 60% of the units are transferred to Department II while 40% of the units (now C) are transferred to Department III.

b. In Department II, the materials are processed further at total additional cost of P76,000. On completion of the process, 70% of the units (now A) are transferred to Department IV while the other 30% emerge as B, the by-product, which is sold at P1.20 per kilo. The selling expenses related to B amounted to P16,200.

c. In Department III, C is processed further at total additional cost of P330,000. In this department, a normal loss units of C occurs during processing, which is equal to 10% of the good output. The good output of C is sold at P12 per kilo.

d. In Department IV, A is processed further at total additional cost of P47,320 after which it is ready for sale at P5 per kilo.

Market value method is used in allocating joint costs and treating the NRV of by product as an addition to product A sales. Determine how much of the total joint cost of P240,000 is allocated to product A.