2 pts Question 28 The following information was taken from Cavite Company's accounting records for the year ended December 31, 2003: Decrease in raw materials inventory, P500,000 Increase in goods in process inventory, P1,500,000 Increase in finished goods inventory, P1,000,000 Raw materials purchased, P20,000,000 Direct labor payroll, P5,000,000 Factory overhead, P3,000,000 Freight out, P2,000,000 Freight in, P2,500,000 The cost of goods sold is Note for your final answer: 1. Do not use peso sign 2. Do not use comma 3. Do not use decimal point 4. Round off your final answer to the nearest whole number