1. Kindly show the solution.

CoursHeroTranscribedText: EXERCISE 1 M. Company had the following transactions in March 1 Materials were purchased on account, P40,000 2 Materials were requisitioned: P33,000 for production and P2,000 for indirect factory use 3 Total Payroll of P40,000 was recorded 4 Payroll was paid 5 Of the total payroll, P32,000 was direct labor, and P8,000 was indirect factory labor 6 Various factory overhead costs totalling P4,.000 was paid in cash 7 1Various factory overhead costs totalling P13,000 were incurred on account 8 Other factory overhead consisted of P2,100 depreciation, P? 80 expired insurance, and P1250 accrued property tax 9 Total factory overhead was charged to work-in process account 10 Cost of completed production transferred to storage, P92,000 11 Sales on account were P80,000, half of which was collected. The cost of sales was 75% of the sales price. a Prepare journal entries for the transactions