COMPREHENSIVE PROBLEM ABC Company manufactures custom-built conveyor systems for factory and commercial operations. The direct labor cost per hour is P20 and the overhead is applied based on direct labor cost. The beginning work-in-process inventory consists of the following: The Beginning Raw Material Inventory is P115,000 and contains both direct and indirect material. The finished goods inventory consists of 15,000 units at P10.00 The following transactions for the period are presented below: Required: 1. Prepare all the necessary journal entries for ABC Company. (AH) 2. Prepare T-accounts for Raw Materials Inventory, Work-inProcess Inventory and Finished Goods Inventory. 3. Compute the following: a. Predetermined overhead rate in percentage and peso b. Cost of goods manufactured c. Ending finished goods inventory in units d. Prime cost e. Conversion cost 4. Prepare the closing entry for immaterial over/under-applied overhead 5. Prepare Cost of Goods Manufactured and Prepare Cost of Goods Sold 6. Prepare an Income Statement