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In the fiscal quarter ended December 31, 2014, FLT Company plans to sell 52,000 board feet of lumber at a price of P125 per board foot. There are 5,500 board fleet on hand as of October 1, with a cost of P65 per board foot. The company plans to manufacture 53,000 board feet of lumber during the quarter, with the following manufacturing costs: Direct materials P971,500 Direct labor Factory overhead (25% of direct labor costs) The company uses the first-in, first-out (FIFO) method of inventory costing. Selling expenses are estimated at 25% of sales, and administrative expenses are expected to be 10% more than the previous quarter's P950,000. Upload 2,000,000 Choose a File