a) Purchases on account: Material X - 20,000 units at P5.20; Material Y-24,000 b) Payroll totaling P220,000 was paid. Of the total payroll, P40,000 was for for withholding taxes, P7,000 for SSS premiums, P 440 for Medicare marketing and administrative salaries. Payroll deductions consisted of P31,000 c) Payroll is to be distributed as follows: Job 101 - 10,000 direct labor hours at P labor hours at P3.00; indirect labor - P24,000; marketing and administrative 4.00, Job 102- 16,000 direct labor hours at P5.00; Job 103 - 12,000 direct salaries - P40,000. Employer's payroll taxes are: SSS Premiums - 5%, During January, 2019, these transactions were completed: units at P 3.75; indirect materials - P35,040. contributions, P 6,600 for Pag-ibig Funds. salaries - P40,000. Employer's payroll taxes are: Medicare contributions - 0.2%; and Pag-ibig Funds - 3%. d) Materials were issued on a FIFO basis as follows: Material X - 20,000 n (charged to Job 101); Material Y-24,000 units (charged to Job 102); Mate X- 2,000 units and MaterialsY-5,000 units (charged to Job 103): (Note Transactions are to be taken in consecutive order). amounted to P15,040. Indirect materials e) Factory overhead was applied to Jobs 101, 102, and 103 based on a rate of P2.25 per direct labor hour. f) Jobs 101 and 102 were completed and sold on account for P240,000 and P270,000, respectively. g) After allowing a 5% cash discount, a net amount of P494,000 was collected on accounts receivable. h) Marketing and administrative expenses (other than salaries) paid during the month amounted to P30,000. Miscellaneous factory overhead of P21,600 was paid. Depreciation on machinery was P4,000. i) Payments on account, other than payroll paid, amounted to P170,000. j) The over or underapplied factory overhead is to be closed. Required: 1. Open T-accounts and record balances from the January 1 trial balance. 2. Journalize the January transactions. 3. Post January transactions to the general ledger, and subsidiary ledgers materials and work in process. 4. Prepare a statement of cost of goods sold.