ASSESSMENT 4 - FLOW OF AN ACCOUNTING FOR THE MANUFACTURING COMPANY The following events took place at the Barton Manufacturing Corporation for the current year: 1. Purchased P80,000 in direct materials. 2. Incurred labor costs as follows: a. Direct labor, P42,000. b. Supervisory labor, P11,500 (part of manufacturing overhead). 3. Purchased manufacturing equipment for P67,200. 4. Other manufacturing overhead was P80,500, excluding supervisory labor. 5. Transferred 70% of the materials purchased to work in process. 6. Completed work on 60% of the goods in process. Costs are assigned equally across all work in process. 7. Sold 90% of the completed goods. There were no beginning balances in the inventory accounts. All costs incurred were debited to the appropriate account and credited to accounts payable. Required: A. Prepare journal entries to reflect these events. B. Prepare T-accounts to show these events. C. Prepare a cost of goods sold statement from the data