1.Below are the balances and information taken from the records of Bulls Company for the last quarter of the current year.

Inventories, October 1

Raw materials

P130,000

Work in process

350,000

Finished goods

590,000

Cost of goods sold

10,800,000

Manufacturing Overhead

4,200,000 debit

4,600,000 credit

1.During the period, purchases of raw materials totaled P1,090,000 while physical count of raw materials revealed that P250,000 were unused.

2.39,800 direct labor hours were utilized distributed as follows:

a.25,000 hours worked on regular time at P42.50 per hour

b.14,000 hours worked at P42.50 plus 0% special night premium

a.800 hours worked on overtime at regular rate plus plus 30% OT premium

3.Overhead is charged to production at 80% of direct labor costs.

4.Actual overhead incurred were P1,420,000. Overhead variance is closed to all accounts with overhead elements only at the end of the year.

5.At the end of the year, records show that work in process increased by P80,000 while Finished Goods decreased by P150,000.

Required:

1.Total factory costs for the quarter

2.The cost of goods manufactured

3.The balances of the following accounts after closing the overhead variance

a.Work in process

b.Finished goods

c.Cost of goods sold