The following information relates to MRAE Company for the year ended December 31, 2018:

Raw materials	P200,000
Direct Labor	100,000
Indirect Materials	5,000
Indirect Labor	47,000
Factory utilities	18,000
Factory rent	36,000
Depreciation - Factory Equipment	24,000
Sales	960,000
Selling Expenses	120,000
Administrative expenses	240,000
Income tax rate	30%

	January 1	December 31
Raw Materials Inventory	P20,000	P16,000
Work In Process Inventory	18,000	15,000
Finished Goods Inventory	24,000	21,000

Required:

1. Calculate the Raw Materials Used

2. Prepare a schedule of goods manufactured.

3. Construct an income statement for the year ended December 31, 2018.