Manufacturing:

Jing Inc. had cost of goods manufactured for the month of July equal to 100,000; direct materials used P29,000; cost of goods sold, P120,000; direct labor, P28,000; purchases of materials, P45,000; cost of goods available for sale, P125,000; and total factory labor, P58,000. Work in process was P35,000 on May 1 and P15,000 on July 31. The company uses a sole account for direct and indirect materials.

Prepare:

a.) statement cost of good solds