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Determine the costs of materials during the period

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ABC Manufacturing Company's Cost of Goods Sold for the year amounted to 6,900,000. The work in process at the end was 90% of the beginning Work in Process inventory. Factory overhead was applied at 60% of direct labor costs.

On January 1, inventories showed the following balances:

Finished Goods 2,040,000
Work in Process 800,000
Direct Materials 400,000
Factory Supplies 180,000

During the period, the following purchases were recorded:

Direct Materials 3,200,000
Factory supplies 900,000

It was also noted that Finished Goods decreased by P320,000 while direct materials and factory supplies increased by P180,000 and P50,000, respectively.

Question 1: Determine the costs of materials, labor and overhead added during the period during the period.

Reference no: EM132650854

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