1. AAA Inc. produces customized vans in a job order shop. On November 1, the following balances appear in the inventory records. Materials Work in Process Finished Goods P207,500 770,000 447,500 The amount in Finished Goods represents P252,500 recorded for Van 1075 and P195,000 recorded for Van 1077. The work in process account represents the three vans in process, as follows: Direct Materials Direct Labor Factory Overhead Van 1079 P187,500 Van 1080 P125,000 Van 1081 P62,500 100,000 50,000 17,500 12,500 150,000 65,000 The following transactions occurred during November: a. Purchased materials on account; P200,000. b. Requisitioned P150,000 of materials from inventory: P37,500 applied to Van 1080, P62,500 to Van 1081, and P40,000 to Van 1082, a new order; the balance was for indirect materials. c. Recorded the liability for the payroll and the labor cost distribution in a single entry: total payroll, P521,875. Of the payroll cost, 10% applied to Van 1079, 20% to Van 1080, 35% to Van 1081, 30% to Van 1082, and the remainder to indirect labor. d. Paid the payroll. e. Applied factory overhead at the rate of 150% of direct labor cost. f. Completed Vans 1079 and 1080. g. Sold Vans 1075, 1077 and 1080 at 50% over manufacturing costs. Requirements: a. Prepare journal entries (DO NOT ABBREVIATE ACCOUNT TITLES) - b. Prepare T-Account for Raw Materials, Payroll, Factory Overhead, Work in Process, Finished Goods and Cost of Goods Sold C. Prepare a formal Statement of Cost of Goods Sold