Reference no: EM132956042

Question - The following data have been accumulated for Grace Mfg., Inc. Raw materials - beginning inventory (Jan. 1, 2017) 10,000 units @ P 6.00

Purchases 8,500 units @ P 7.00

11,000 units @ P 7.50

Transferred 21,500 units of raw materials to work in process:

Work in process - beginning inventory (Jan. 1, 2017) 5,600 units @ P 13.50

Direct labor P 250,000

Manufacturing overhead 325,000

Work in process - ending inventory (Mar. 31, 2017) 4,200 units @ P 13.75

If Grace uses the FIFO method for valuing raw materials inventories, compute the cost of goods manufactured for the quarter ended March 31, 2017.