WHAT IS THE COST OF GOODS MANUFACTURED FOR THE YEAR. SHOW A DETAILED SOLUTION.

The following cost data relate to the manufacturing activities of the Kamas Company during the most recent year. Factory overhead costs incurred during the year: Property taxes-factory Utilities - factory Indirect labor Depreciation factory Insurance factory Total Actual FOH costs Other costs incurred during the year: Purchases of raw materials Direct labor cost P 1,600 2,600 5,100 13,000 2,500 P 24,800 P 15,000 22,000 Inventories: Raw materials, beginning Raw materials, ending Work-in-process, beginning Work-in-process, ending P 5,000 4,400 3,500 4,500 The company uses a predetermined overhead rate to charge overhead cost to production. The rate for the year just completed was P4.00 per machine-hour; a total of 6,000 machine-hours were, recorded for the year. Compute for the cost of goods manufactured for the year.