ABC Company charges its total actual factory overhead to Work in Process. Selected account balances for December are as follows:

Additional information:

a. All sales are on account.

b. The accounts payable account is used for the purchase of materials and supplies only.

c. ABC's markup is 30% of sales.

d. At the end of December, the work in process account had P2,000 of materials, P6,000 of direct labor and P3,000 of factory overhead charged to it.

e. Materials and supplies purchased on account were P35,000.

How much is the materials issued to production?

Dec-30 P30,000 ? Dec-01 Finished Goods P34, 000 Work in Process 7,000 Materials and Supplies 20,000 Accrued Payroll 20,000 Accounts Receivable 54,000 Accounts Payable 18,000 Sales e. Actual factory cost for December were: Supplies P20,000 Indirect labor 55,000 Depreciation 10,000 Insurance 2,000 Miscellaneous 13,000 15, 000 9,000 22,000 6,000 500,000