4.Red Company uses normal costing. During the year ended December 31, 2019, the following information were made available:

- Total manufacturing costs incurred during the year, P2,200,000;

- Cost of goods manufactured amounted to P1,940,000;

- Factory Overhead is applied to production at 80% of direct labor cost;

- Applied Factory Overhead during the year amounted to 30% of total manufacturing cost;

- Beginning work-in-process inventory was 75% of the work-in-process at the end.

Compute for the cost of direct materials used for the year ended December 31, 2019.

5.

The following cost data relate to the manufacturing activities of the Kamas Company during the most recent year. Factory overhead costs incurred during the year:

Property taxes - factory P 1,600

Utilities - factory 2,600

Indirect labor 5,100

Depreciation - factory 13,000

Insurance - factory 2,500

Total Actual FOH costs P 24.800

Other costs incurred during the year:

Purchases of raw materials P 15,000

Direct labor cost 22,000

Inventories:

Raw materials, beginning P 5,000

Raw materials, ending 4,400

Work-in-process, beginning 3,500

Work-in-process, ending 4,500

The company uses a predetermined overhead rate to charge overhead cost to production. The rate for the year just completed was P4.00 per machine-hour; a total of 6,000 machine-hours ware, recorded for the year. Compute for the cost of goods manufactured for the year.

6.Lockout Company revealed the following inventory transactions:

Jan. 1 Beginning balance, 16,000 units @ P150

5 Purchased 4,000 units GI P150

10 Issued 15,000 units to production

15 Purchased 20,000 units @ P160

16 Returned 1,000 units to supplier from January 15 purchase

25 Issued 8,000 units to production

26 Production returned 4,000 units to storeroom from the January 25 issue

31 Purchased 30,000 units @ P150

What is the cost of the inventory on January 31 using FIFO method?