Ex 4-1. Actual and normal costing method in Swan Manufacturing Company currently uses actual costing method accumulating the cost of production. However, Swan Manufacturing Company is planning to adopt the normal costing system starting the next calendar period. For this purpose, the cost accountant submitted the following budget for the next calendar year: Direct labor, 10,000 DLH Factory overhead, 80% of DLH Direct Materials P625,000 400,000 600,000 The following are actual data for the current year: Labor: Direct labor costs (7,500 hours) P435,000 250,000 Indirect labor Raw Materials: P80,000 Inventory, Jan. 1 500,000 Purchases Issued to production of which P85,000 is indirect 485,000 Other factory overhead costs: P110,000 Depreciation 50,000 Maintenance Utilities Miscellaneous Work in Process: Beginning inventory Ending Inventory Finished Goods: 120,000 75,000 220,000 180,000 80,000 Beginning inventory Ending inventory 110,000 Required: Give all the entries required following the flow of cost using Normal costing method. Support your entries with computations if necessary