Solution for QID #30824: Jing Inc. had cost of goods manufactured for the month of Ju | StudyHelpMe

Jing Inc. had cost of goods manufactured for the month of July equal to 100,000; direct materials used P29,000; cost of goods sold, P120,000; direct labor, P28,000; purchases of materials, P45,000; cost of goods available for sale, P125,000; and total factory labor, P58,000.  Work in process was P35,000 on May 1 and P15,000 on July 31.  The company uses a sole account for direct and indirect materials. Required:  Prepare the following: 1.) statement cost of good sold 2.) b. Journal entries to record: -the purchase of materials on account -the use of materials which includes direct materials of P2,000 -the accrual of payroll in the production department  which includes indirect labor of P11,500 -the distribution of factory labor cost -the transfer of completed work to finished goods -the sales on account, at a markup equal to 150% of production cost