ABC Company manufactures a certain product that undergoes conversion process through two departments. In the Department 1, 20 employees are paid P200 an hour for straight-time and P300 an hour for overtime. Each of the employees worked 43 hours, which included 3 hours of overtime. In the Department 2, 5 employees are paid P250 an hour for straight-time and P350 an hour for overtime. Each of the employees worked 26 hours, which included 6 hours of overtime each, and 4 hours of idle time each caused by material shortages and machine breakdowns. The Company uses normal costing system. The cost accountant has yet to decide on which cost allocation basis will be used for each department. At the beginning of the year, the Company has a budgeted overhead cost and activity levels as follows: Budgeted Overhead Cost Amount Department 1 60,000 Department 2 50,000 Estimated Machine Hrs. 1,250 Estimated Labor Hrs. 2,500 Other costs and expenses recorded for the month as follows: Depreciation: P50,000 (40% on the factory equipment and 60% on the office machineries, equipment, etc.) Wages of security personnel for the factory: P15,000 Rent of the entire building: P100,000 (500 som. being used as an office while 1,500 som. being utilized as factory). Selected T-accounts are shown below: Raw Materials 1/1 15,000 1/17 6.000 1/15 205,000 1/31 5.005 Accounts Payable 6,000 1/1 10,000 1/15 105,000 1/31The accountant left a note in the accounting journals for transactions dated January 15, 2022- The official receipt dated January 15 included P2,000 worth of sandpaper and nails. I issued a post-dated check to the supplier. Date of check is February 15, 2022 I hate our boss for disapproving my leave scheduled on February 14, 2022 because of the scheduled funding of the PDC. Around last week of January, the ERP system for Inventory Management showed a warning message written below: "Sandpaper and nails on hand is already zero. Purchasing Department, please follow up delivery of supplies before 1st week of February." Work in process account begins with a P57,950 balance and ends with P30,205. A total unit produced is 4,000. The company charges 40% mark-up on full product cost. No beginning inventory was noted at the start of the period but only 500 units were left at the end. Based on the given data, answer the following questions. Write your answers in numbers only i.e., do not put peso signs or other characters. Round-off your final answers in nearest peso. Requirements: (Attach your solution in PDF or image format only) Prepare a Statement of Cost of Goods Manufactured and Sold - (6 points). Prepare an Income Statement (up to Gross Profit only) - (3 points)