The following account balances were taken from the general ledger accounts of theEllen Corporation.

January 1 December 31

Materials P60,000 P80,000

Work in Process 85,000 110,000

Finished Goods 120,000 90,000

Factory Overhead Control 330,000

Applied Factory Overhead (applied at a rate

of 80% of direct labor cost) 320,000

Cost of Goods Sold 850,000

Required: Cost of Goods Sold Statement