The Christown Candy Company, which began operations on February 1, manufactures a limited variety of seasonal candies. The following information pertains to the operations of February: There were no beginning inventories at February 1in Raw Materials, Work in Process, and Finished Goods. Inventories at February 28 were: Raw Materials, P15,500.00; Work in Process, P11,700.00; Finished Goods, P8,900.00 Purchases of raw materials during the month amounted to P70,200.00. Factory overhead expenses incurred during February were as follows: Operating Supplies Used, P12,900.00; Outside Labor, P11,300.00: Employee Benefits, P7,800.00; Depreciation, R5,400.00; Utilities, P4,600.00; Other, P1,500.00 Direct Labor totaled P14,100.00 for the month of February. Net sales for the were P148,400.00. General and administrative expenses P40,200.00 month were Required: 1. Prepare a statement of cost of goods manufactured for the month ended February 29. 2. Using good form, prepare an income statement for February (Assume income tax rate of 50 percent.)