Exercise 2. Equations in the Statement of Cost of Goods Sold Compute for the unknown or unknowns in each of the following cases: Case A Cost of goods manufactured P 15,000 Cost of goods sold 25,000 Finished goods invty., Jan 1 22,500 Finished goods invty., Dec 31 ? Case B Net purchases Work in process invty., Jan 1 Work in process invty., Dec 31 15,500 Raw materials used ( 60% of mfg. costs) 2 Raw materials invty., Jan 1 7,500 Raw materials invty., Dec 31 9,000 Cost of goods manufactured 73,000 Labor cost 17,500 Factory overhead 12,500 Case C Cost of goods manufactured 35,000 Work in process invty., Jan 1 8,000 Work in process invty., Dec 31 ? Raw materials used 20,000 Labor cost 10,000 Factory overhead ( 50% of prime cost)