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The Gordon Cylinder Company manufactures aluminum compressed-gas cylinders, using aluminum ingot as the only direct material. Inventories at Sept 1 were as follows: Aluminum Ingot, P118,600.00; Work in Process, R16,100.00; Finished Goods, P31,000.00. Inventories at Sept 30 were: Aluminum Ingot, R114,100.00; Work in Process, P14,800.00; Finished Goods, P28.400.00. Purchases of aluminum ingot for September amounted to P7,700.00. Direct labor hours for September were 1.100 at P5.00 per hour Actual manufacturing overhead costs incurred in September were as follows: Non-aluminum Materials, P1,500.00: Indirect Labor, P1,600.00: Fringe Benefits, P1.200.00; Depreciation, P800.00; Utilities, P700.00; Insurance, P300.00 Property Taxes, P500.00. Net sales of P56,900.00 were realized in September General, selling, and administrative expenses were 3,500.00. Income is taxed at a rate of 50 percent. Gordon Cylinder.docx Gross Profit Manufacturing Costs Cost of Goods Manufactured Cost of Goods Sold Net income