Tom Corporation incurred the following costs while manufacturing its product

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Tom Corporation incurred the following costs while manufacturing its product. Materials used in P120,0 P45,00 production 00 Advertising expense 0 Depreciation on plant 60,000 Property taxes on 19,000 plant Property taxes on store 7,500 Delivery expense 21,000 Labor costs of assembly 110,00 line workers 0 Sales commissions 35,000 Factory supplies used 25,000 Salaries paid to sales clerks 50,000 Work-in-process inventory was P10,000 at January 1 and P14,000 at December 31. Finished goods inventory was P60,500 at January 1 and P50,600 at December 31 Requirement : Using the given information , compute for : (2 items x 5 points ) 1. Cost of goods manufactured 2. Cost of goods sold Cost of Goods Manufactured Work-in-process, 1/1 P 10,000 Direct materials used in P production 120,000 Direct labor of assembly-line 110,000 workers Manufacturing overhead Property taxes on plant 19,00 0 Depreciation on plant P60,000 Factory supplies used 25,000 Total manufacturing overhead 104,000 Total manufacturing costs 334,000 Total cost of work-in-process 344,000 Less: Ending work-in-process 14,000 Total: Cost of goods manufactured 330,000 Cost of Goods Sold Finished goods, 1/1 P60,500 Cost of goods manufactured 330,000 Cost of goods available for sale 390,500 Less: Finished goods, 12/31 50,600 Total: Cost of goods sold 839,900