Question 3 Summit Incorporated produced by the end of the first month May 31, 202x -40,000 units of its single product. The product requires three basic raw materials A, B and C which were purchased during the month as follows: Materials Purchase Price Quantities Purchased Quantities on Hand, May 31 P 0.25 35.000 4.000 0.20 10,000 6.000 0.50 8,000 5,000 Factory wages and other salaries paid were: Direct labor P 18,750 Indirect labor 2,800 Supervision 3,000 Marketing and administrative salaries 12.400 Other costs consisted of: Factory Overhead Marketing and Administrative Expenses Supplies P 1.400 P 800 Repairs and Maintenance 900 400 Depreciation 800 350 Utilities 1.740 310 Insurance 560 280 Delivery Expense 0 2.460 At the end of the month, finished goods inventories contained 1,500 units and 38,500 units were sold at an average sales price of Php1.75 per unit. Compute the following: (all in Php) Total sales Total material purchases Materials inventory, May 31 Total manufacturing cost Manufacturing cost per unit Finished goods inventory, May 31 Direct materials used Cost of goods available for sale Cost of goods sold Factary overhead