The Southern Consolidated Company has the following balances as of January 1, 2023.

Materials P 4,900
Work In-Process P 4,600
Finished Goods P 6,000

Details of the three inventories are:

Finished goods
Commodity x - 2,000 units at P 3.00 P 6,000
Work in process - Job No. 101
Materials:
A - 200 units at P 5.00 P 1,000
B - 175 units at P 4.00 700 P 1,700
Direct Labor:
290 hours at P 5.00 P 1,450
Factory overhead - applied at 100% of direct labor cost P 1,450 P 4,600
Materials
Material A - 600 units at P 5.00 P 3,000
Material B - 350 units at P 4.00 1,400
Indirect materials 500 P 4,900
The transac ons for the month of January, 2023 are as follows:

1. Purchases for the month of January - Material A 600 units at P5.50; Material B – 800 units at
P5.00, Indirect materials - P700.

2. Materials requisi oned and issued on a fifo basis amounted to P 7,000.

Material A, 200 units (charged to Job 101);
Material A, 600 units and Material B, 225 units (charged to Job 102 );
Material B, 425 units (charged to Job 103).
Indirect materials amounted to P 1,000.

3. Material B returned to vendors, 70 units at P 5.00.

4. Payroll during January amounted to P 10,300, of which P 2,000 is for Job 101; P 4,000 is for Job
102; P 2,000 for Job 103, and P 2,300 is indirect labor.
Deduc ons are as follows:

SSS Premiums P 412

Medicare Contribu ons 225
Withholding taxes 1,050

5. Factory overhead is applied on the basis of 100% of direct labor cost.

6. Jobs completed during the month - Job 101 for 3,000 units of Commodity X and Job 102 for
5,000 units of Commodity Y.

7. Sales during January on FIFO basis - 4,000 units of Commodity X at P 6.00 per unit and 4,000
units of Commodity Y at P 4.00 per unit.

8. Cash collec on from customers P 35,000.

9. Recorded the following liabili es: Factory overhead, P 4,800; Selling expenses, P 2,100; General
expenses; P 1,500.

10. Paid accounts - P 9,500; payroll - P 8,500.

Requirements:

1. Journal entries to record the above transac ons.

2. Job Order Cost Sheets.
3. Stock cards for materials and finished goods.
4. Cost of goods sold statement for the month of January.