Exercise 5 (Cost of goods manufactured and sold) Compute cost of goods manufactured and cost of goods sold from the P 3,000 37,000 27,000 17,000 26,000 Plant utilities 9,000 following account balances relating to 20X1 (in thousands): Property tax on plant building Marketing, distribution, and customer-service costs Finished goods inventory, January 1, 20X1 Work in process inventory December 31, 20X1 Depreciation of plant building Accounting for Cost Flows 163 General and administrative costs (nonplant) 43,000 Direct material used Finished goods inventory, December 31, 20X1 Depreciation of plant equipment 11,000 Plant repairs and maintenance Work in process inventory, January 1, 20X1 20,000 Direct manufacturing labor 34,000 Indirect manufacturing labor Indirect materials used Miscellaneous plant overhead 87.000 34.000 16,000 23,000 11,000 4.000 Exercise 6 (Cost of goods manufactured) Consider the following account balances (in thousands) for the Canseco Company: Beginning End of of 20X1 Direct materials inventory 20X1 P22,000 P26,000 Work in process inventory 21,000 20,000 Finished goods inventory 18,000 23,000 Purchases of direct materials 75,000 Direct manufacturing labor 25,000 Indirect manufacturing labor 15,000 Plant insurance 9,000 Depreciation - plant building and equipment 11,000 Repairs and maintenance - plant 4,000 Marketing, distribution, and customer-service costs 93,000 General and administrative costs 29,000 Required: 1. Prepare a schedule of cost of goods manufactured for 20X1. 2. Revenues in 20X1 were P300 million. Prepare the 20/1 income statement