PROBLEM 2 Intriquette Glass Manufacturing has the following information: Budgeted direct-labor cost: Actual direct-labor cost: Budgeted manufacturing overhead: hours per hour 150,000 P 16 160,000 P 18 P1,995,000 Actual manufacturing overhead: Depreciation Property taxes P 462,000 42,000 Indirect labor 164,000 Supervisory salaries 400,000 Utilities 118,000 Insurance 60,000 Rental of space 600,000 Indirect material (see data below) 158,000 Indirect material: Beginning inventory, January 1 96,000 Purchases during the year Ending inventory, December 31 188,000 126,000 Direct Raw material Work in process Finished goods Direct raw materials purchases P150,000 REQUIRED: 1. Prepare the cost of goods manufactured statement 2. Prepare the cost of goods sold statement Inventory Balances January 1 December 31 P 36,000 P 39,600 46,800 50,400 51,480 55,440