Problem #1 Cost of Goods Manufactured In addition to the year-end statement of financial position and income statement , the management of Esterlina Gevera Company required the controller to prepare the statement of cost of goods manufactured. During 2020, P361,920 of raw materials were purchased. Operating cost data and Inventory account balances for 2020 follow: Direct Labor (10,430 at P9.50 per hour) P 99,085 Plant Supervision 42,500 Indirect labor (20,280 hours at P6.25 per hour) 126,750 Factory Utilities 29,220 Factory Insurance 8,100 DepreciationFactory Building 46,200 DepreciationFactory Equipment 62,800 Manufacturing Supplies 9,460 Repairs and Maintenance 14,980 Selling and Administrative Expenses 76,480 Raw Materials Inventory, Jan I, 2020 26,490 Work in Process Inventory, Jan. 1, 2020 101.640 Finished Goods Inventory, Jan. 1, 2020 148.290 Raw Materials Inventory, Dec. 31, 2020 24.910 Work in Process Inventory, Dec. 31, 2020 100,400 Finished Goods Inventory, Dec. 31, 2020 141.100 Required: 1. Compute the cost of direct materials used during the year. 2. Compute the total manufacturing costs for the year. 3. Compute the cost of goods manufactured during the year. Problem #2 Cost of Goods Sold The following information is available for the Norte Company for the month of August. Inventories Beginning Ending 148 Raw Material P 18,500 P I2,500 Work in Process 41,100 18,500 Finished Goods 29,500 15,500 Raw Material Purchases P220,000 Indirect Labor 21,200 Factory Supplies Used 1,000 Other Expenses: Depr.-Factory Equipment 10,300 Utilities-Factory 5,000 Insurance-Office 25,500 Office Supplies Expense 1,900 Insurance-Factory 10,000 Depr. Office Equipment 5,000 Repair/Maintenance-Factory 7,000 Utilities-Sales 1,500 Direct Labor 315,000 Required: 1. Determine the total manufacturing cost 2. Cost of goods manufactured, 3. Cost of goods sold