3. V Corporation manufactures rattan furniture sets for export and uses the job order cost system in accounting for its cost. You obtained from the corporation's books and records the following information for the year ended December 31, 20x1. The work in process inventory on January 1 was 20% less than the work in process inventory on December 31 The total manufacturing cost during 20x1 was P900,000 based on actual direct materials and direct labor but with manufacturing overhead applied on actual direct pesos. The manufacturing overhead applied to process was 72% of the direct labor pesos, and it was equal to 25% of the total manufacturing cost The cost of goods manufactured, also based on actual direct materials, actual direct labor and applied manufacturing overhead, was P850,000 The cost of direct materials used and the work-in-process inventory on December 31, 20x1: a Direct Materials used P1,075,000 362,500 C. 312,500 d. 312,500 Work-in-Process Inventory P200,000 250,000 250,000 375,000 (PhilCPA)