Exercise 1 (Schedule of Statement) om Cost of Goods Manufactured and Sold; Inc Goods the following inventory balances at the beginming and pany, a manufacturer of recyclable soda cans R vvertorgy ClasifieatonJemary 1h 0 20xi December 31, 20x1 Raw material Work in process Finished goods P 60,000 120,000 150,000 P 70,000 115,000 165,000 During 20X1, the company purchased P250,000 of raw material and spent P400,000 on direct labor. Manufacturing overhead costs were as follows: P 10,000 25,000 100,000 25,000 30,000 Indirect labor .. Depreciation on plant and equipment.. Utilities... Sales revenue was P1,105,000 for the year. Selling and administrative expenses for the year amounted to P110,000. The firm's tax rate is 40 percent. Required: 1. Prepare a schedule of cost of goods manufactured. 2. Prepare a schedule of cost of goods sold. 3. Prepare an income statement