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The following data was taken from the general ledger and other records of Martinez Manufacturing Co. at July 31, the end of the first month

The following data was taken from the general ledger and other records of Martinez Manufacturing Co. at July 31, the end of the first month of operations in the current fiscal year:

Sales P50,000
Materials inventory (July 1) 15,000
Work in process inventory (July 1) 20,000
Finished goods inventory (July 1) 28,000
Materials purchased 21,000
Direct labor cost 12,500
Factory overhead (including P5,000 of indirect materials used and P2,500 of indirect labor cost)

11,500

Selling and administrative expense 8,000
Inventories at July 31:
Materials 16,000
Work in process 18,000
Finished goods 30,000

a. Compute cost of goods manufactured.
b. Determine the cost of goods sold for the month.

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