Exercise 2 - 4. FLOW OF COSTS Jana Company had the following inventories on September 1: Materials 90,000 Work in process- labor 54,000 Finished goods 75,000 Work in process - overhead 40,500 Work in process - materials 45,000 During September, the cost of materials purchased was P300,000, direct labor cost incurred wa P270,000 and factory overhead applicable to production was 75% of the direct labor cost. The September 30 inventories were as follows: Materials 45,000 Work in process- labor 30,000 Finished goods 70,500 Work in process - overhead 22,500 Work in process - materials 18,000 REQUIRED: T-accounts showing the flow of the cost of goods manufactured and sold, using three accounts for work in process Materials Work in process-materials Work in process-labor Work in process-overhead Finished goods Cost of goods sold