ABC MANUFACTURING CORPORATION

Statement of Cost of Goods Manufactured and Sold

For the month ended June 30, 2021

Direct Materials, beginning ₱200,000.00

Add: Net Purchases
Purchases ₱500,000.00
Freight In 10,000.00
Gross Purchases ₱510,000.00
Less: Purchase Discounts 5,000.00 505,000.00
Direct Materials Available for Use ₱705,000.00
Less: Direct Materials, ending 125,000.00
Direct Materials Used ₱580,000.00
Add: Direct Labor 300,000.00
Manufacturing Overhead 250,000.00
Total Manufacturing Costs ₱1,130,000.00
Add: Work in Process Inventory, beginning 120,000.00
Total Costs Placed into Process ₱1,250,000.00
Less: Work in Process Inventory, ending 150,000.00
Costs of Goods Manufactured ₱1,100,000.00
Add: Finished Goods Inventory, beginning 400,000.00
Total Goods Available for Sale ₱1,500,000.00
Less: Finished Goods Inventory, ending 300,000.00
Cost of Goods Sold ₱1,200,000.00