EXERCISE 4 On March 1, part of the trial balance of Elux Company shows the following: Finished Goods 137,400 Work in process 468,600 Materials 270,600 During March, the following transactions were completed: a C Materials were purchased on account, P200,000 Materials requisitioned during the month: For Production, P160,000 and for indirect factory use, P24,000 Other factory overhead consisted of P40,000 depreciation, P2.400 expired insurance, and P2,600 accrued property tax d Total payroll for the month amounted to P320,000 e f g h i k 1 The distribution of payroll was: Direct Labor, 65%; indirect labor, 15%, Sales department is 13%; and administration is 7% Various indirect manufacturing costs totalling P52,680 were paid in cash Collection of receivables, P80,500 Partial payment to supplier, P120,000 Total factory overhead is charged to work in process Work completed and transferred to FG, P640,000 Sales for the month, P768,000. Cash collected, 307,200 and balance on account Gross profit rate is 25%