DEF Manufacturing Company presented the following data:

• Cost of goods manufactured and cost of goods sold were P375,000 and P300,000, respectively.
• Purchases of raw materials amounted to twice as much as the net income before tax.
• Gross margin based on sales was 40%. There were no purchase returns but the sales returns amounted to P10,000.
• Inventory valuations were as follows:

1. Raw materials on hand at the end of the period was 1/3 as much as much as at start.
2. Work in process - no beginning inventory but P25,000 was on hand at the end of the period.
3. Finished goods end of the period was four times as larges as at start.

• Breakdown of cost incurred in manufacturing was as follows:

Raw materials50%

Direct labor30%

Factory Overhead20%

• Selling expenses amounted to four times as as as general expenses
• Net income after taxes amounted to P52,000. Income tax rate is 35%.

33. Finished goods ending ____