The following data are available for S&R company7 for its first month of operations: Direct materials Direct labor @P40/hr Job 101 Job 102 Job 103 P60,000 P90,000 P56,000 18,000 36,000 38,000 Overhead is applied at the rate of P32 per direct labor hour. Job Nos. 101 and 102 were completed. Job No. 101 was sold, and Job No. 103 remained incomplete at the end of the month. S & R Company incurred the following costs for the month: Direct materials purchases, P300,000; Direct and indirect labor costs, P96,000; Factory overhead excluding indirect labor and indirect materials, P64,000; indirect materials, P4,000 12. The balance of the work in process at the end of the month is: a. P154,800 b. P124,400 C. P162,000 d. P179,200 13. Assuming the overhead variance is immaterial, the adjusted cost of goods sold is: a. P86,800 b. P90,800 c. d. P98,000 P94,000