Information for the last quarter of the current year:

Inventories: Oct 1

Raw Materials P 134,000

Work in process 354,000

Finished goods 594,600

Cost of goods sold 10,800,000

Manufacturing overhead 4,200,000 debit

4,600,000 credit

Other data:

a. During the period, purchases of raw materials totaled P1,093,400 while physical count of raw materials revealedP250,000 were unused.

b. 39,800 direct labor hours were utilized distributed as follows:

• 25,000 hours worked on regular time at P42.50 per hr.
• 14,000 hours worked at P42.50 plus 10% special night premium
• 800 hours worked on overtime at regular rate plus 30% OT premium

c. Overhead is charged to production at 80% of direct labor costs.

d. Actual overhead incurred were P1,420,000. Overhead variance is closed to all accounts with overhead elements only at the end of the year

e. At the end of the year, records show that work in process increased by P80,000 while Finished Goods decreased by P150,000.

The balances of the following accounts after closing the overhead variance are: work in process __________, finished goods __________, cost of sales ___________.

WIP FG COS

a. 434,000 b. 444,600 c. 4,092,100

a. 404,908 b. 414,797 c. 3,817,795

a. 463,092 b. 474,403 c. 4,366,405

a. 424,831 b. 435,207 c. 14,577,463