The Company closes its books on December 31, 200Y. The period covered is one year. The company manufactures and sells only one product. The expected selling price is P50 per unit and sales are projected to be 50,000 units. Finished goods on hand at the start of the period will be 8,000 units and it is expected that 5,000 units will remain in inventory at the end of the period.
The raw materials on hand at the beginning of the period will total 15,000 pounds and approximately 11,000 pounds should be on hand at the end of the period. The company uses only one type of raw material ant it costs P0.50 per pound. Each unit of finished product contains 2 pounds of raw material.
The cost of direct labor should be P5 per hour and it takes two hours of direct labor to produce a finished unit.
Variable factory overhead at the planned level of operations is expected to amount to P282,000; fixed overhead is expected to be P188,000. Factory overhead is applied on the basis of direct labor hours.
The finished goods inventory at the beginning of the period is P168,000 and should be P105,000 at the end of the period.
Requirements: Prepare schedules for:

The budgeted cost of goods sold is: (a)1,050,000 (b) 1,176,000 (c) 1,218,000 (d) 1,239,00