Statement of Cost of Goods Manufactured Assume ABC Manufacturing Company has developed the following information for ear ended December 31, 2019: P 125,000 150,000 65,000 70,000 Raw materials Inventory, January 1 Purchases Raw materials Inventory, December 31 Direct Labor Factory Overhead (150% of direct labor cost) Work in process inventory, January 1 Work in process inventory, December 31 Finished Goods Inventory, January 1 Finished Goods Inventory, December 31 Sales 90,000 120,000 100,000 80,000 1,000,000 Selling and general expenses 200,000

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