Problem 18: Cost of Goods Sold Statement The accounting records of EVAN Manufacturing Inc., include the following information: December 31 P50,000 300,000 875,000 450,000 312,500 January 1 P125,000 350,000 Work in Process Inventory Finished Goods Inventory Direct Materials Used Direct Labor Selling Expenses Manufacturing overhead is applied at the rate of 150% of direct labor cost. The Manufacturing Overhead Control accounts has a debit balance of P12,500. Required: Compute the following a. What is the total debit to Work-in-Process Inventory during the year? b. What is the total credit to Work-in-Process Inventory during the year? c. What is the total credit to Finished Goods Inventory