1.000 The following selected accounts and their balances were taken from the books of INA Manufacturing Corporation on December 31, 2016. Amounts in P000 Raw Materials, and Raw Materials, Dec 31 Goods in Process, Jan 1 3.000 Goods in Process, Dec 31 4,000 Finished Goods, Jan 1 2.500 Finished goods, Dec. 31 1.650 Raw Materials Purchased 25,000 Raw Materials Returned Direct labor 20,000 Indirect labor 5.000 Factory Supplies Used Other Manufacturing Overhead Factory Building Depreciation Factory Building Factory Equipment Depreciation - Factory equipment Repairs of Factory Equipment Sales (Personnel) Salaries Advertising Expense Delivery Equipment Depreciation -Delivery Equipment Rent Expense - Sales Office Other Selling Expenses Salaries of Administrative Employees 4.500 Office Building Depreciation Office building Office Equipment Depreciation - Office Equipment Office Supplies Expense Miscellaneous General Expenses Sales 76.490 Sales Returns 500 Sales Discount L 1. Condensed income statement (all amounts are in P'000) I NA Manufacturing Corporation Income Statement For the Year Ended December 31, 2016 Note! 1P Less: 5 Less: Total 1. Condensed income statement (all amounts are in P'000) anufacturing Corporation ncome Statement ir Ended December 31, 2016 Note 1 P 23,365 4,885 Gross Profit Net Income 3,495 Cost of goods sold General Net sales Selling 75,500 14,985 52,135 Expenses 8,380 7 PL (all amounts are in P'000) Less: INA Manufacturing Cor 23,365 Income Stateme 4,885 For the Year Ended Decem Gross Profit Net Income Note 3,495 1. P Cost of goods sold General Net sales Selling 75,500 14,985 52,135 Expenses 8,380 Less: Total