1. Given the following information for Gray Corporation, prepare the necessary journal entries, assuming that the Raw Material Inventory account contains both direct and indirect material. a. Purchased raw material on account P28,500. b. Put material into production: P15,000 of direct material and P3,000 of indirect material. C. Accrued payroll of P90,000, of which 70 percent was direct and the remainder was indirect. d. Incurred and paid other overhead items of P36,000. e. Transferred items costing P86,500 to finished goods. f. Sold goods costing P71,300 on account for P124,700. 2. The following information is for the Good Manufacturing Company for November. Inventories Beginning Ending Raw Material P19, 750 P15, 400 Work in Process 35, 350 32, 200 Finished Goods 21, 300 27 , 900 Direct Labor (22,000 DLH @ P14) Raw Material Purchases P155, 000 Insurance-Office 2, 750 Indirect Labor 11, 600 Office Supplies Expense 1, 050 Factory Supplies Used 475 Insurance-Factory 1, 825 Other Expenses: Depr. Office Equipment 3,900 Depr.-Factory Equipment 18, 100 Repair/Maintenance-Factory 7, 800 Calculate total manufacturing costs, cost of goods manufactured, and cost of goods sold