CoursHeroTranscribedText: Problem B Peter Senen Corporation provided the following account balances as of September 30, 2020: Cash P112,000 Accumulated depreciation P 36,000 Accounts Receivable 64,000 Accounts payable 40,000 Finished Goods 43,000 Income tax payable 9,000 Work in process 36,000 Share Capital 500,000 Raw materials 52,000 Retained Earnings 207,000 Property and Equipment 480,000 The following transactions occurred during October: 1. Materials purchased on account, P150,000 2. Materials issued to production: direct materials P90,000, Indirect materials P10,000. 3. Payroll for the month of October 2020 consisted of the following (also paid during the month): Direct labor P62,000 Administrative salaries P16,000 Indirect Labor 20,000 Sales salaries 30,000 Payroll deductions were as follows: Withholding taxes P19,800 Phil health contributions P2,000 SSS contributions 7,100 HDMF contributions 2,000 4. Employer contributions for the month were accrued: Factory Selling Administrative SSS contributions P5,700 P2,000 P1,100 Philhealth Contributions 1,200 500 300 EC Contributions 400 300 200 HDMF contributions 1,600 700 400 5. Other costs incurred on account: Indirect factory overhead P42,000 Selling 30,000 Administrative 10,000 6. Depreciation for the month: Factory overhead P2,000 Selling 1,000 Administrative 1,000 7. Factory overhead control account was transferred to work in process, P82,900. 3. Work finished and placed in stock, P1?3,000 9. Cost of goods sold, P200,000. The markup was 60% of cost. 10. Cash collected from customers, P260,000 11. Materials returned to supplies, P15,000. 12. Payment of accounts payable, P190,000. 13. Provision for income tax, P6,000. Required: a. Journals entries to record the above transactions b. Statement of cost of goods manufactured c. Income statement d. Balance sheet as of October 31, 2020