identify the following based on the data provided: 1. Direct Material Inventory 2. Cost of goods manufactured 3. direct Material used during the period 4. finished goods inventory 5. work in process inventory

A mentally deranged employee, Mr. Arson, put a torch to a factory on February 20, 2018. The resulting fire completely destroyed the plant and its content. Fortunately, certain accounting records were kept in another building. They revealed the following for the period December 31,2017 to February 20,2018: Prime cost P 602,000 Gross profit rate on sales is 20% 920,000 Cost of good available for sale 340,000 Direct materials purchased 340,000 Work in process, December 31, 2017 68,000 Direct materials, December 31,2017 32,000 Finished goods, December 31,2017 32,000 Factory overhead is 40% of conversion cost. Sales 1,000,000 Direct labor 360,000 The insurance company wants to know the approximate cost of the inventories as a basis for negotiating a settlement. Based on the above data, compute for the following on February 20, 2018