In the course of your review of the accounts, you discover the following adjustments: 1. Depreciation for the year was P50,000. 75% is chargeable to factory operation and 25% to general operations. There is unpaid payroll of P2,800 (direct) and P500 for factory supervision. 2. 3. Prepayments that expired are P8,000 where 50% is applicable to factory operation and 10% to general operation. 4. Inventories at Dec. 31, 2005 are: Finished Goods Work in Process Direct Materials P25,000 45,000 25,000 5. Income tax is 20% of net income of 2005. Requirement (using above details): Prepare statement of cost of goods manufactured of 2005. Directions. Solve the following. Shown below is a trial balance of XYZ, manufacturing company from the beginning of the year 2005. Cash Accounts Receivable Allowances of Doubtful accounts Finished Goods Work in Process Direct Material Repayments (control) Fixed Assets (control) Accumulated Depreciation, Fixed Assets Accounts Payable Capital Stocks Retained Earnings Sales Direct Material Purchase Direct Labor Factory Overhead (control) Administrative and Selling Expensed (control) Interest on Loans Income Tax 50,000.00 65,000.00 75,000.00 20,000.00 21,000.00 8,000.00 750,000.00 200,000.00 150,000.00 50,000.00 125,000.00 200.00 25,000.00 1,539,200.00 10,000.00 250,000.00 25,000.00 564,200.00 80,000.00 610,000.00 1,539,200.00