Finished Goods P July 1 34,000 July31 P 30,000 Work in Process 7,000 ? Materials and Supplies 20,000 15,000 Accrued Payroll 13,000 9,000 Accounts Receivable 54,000 22,000 18,000 6,000 500,000 Accounts Payable Sales Iditional Information: a. All sales are on account b. C. d. The accounts payable account is used for the purchase of materials and supplies only The mark-up is 30% on sales At the end of July, the work in process account had P2,000 of materials, P6,000 of direct labor, and P3,000 of factory overhead charged to it e. Actual factory overhead costs for July were: Supplies P 20,000 Indirect labor 55,000 f. Depreciation Insurance Miscellaneous Materials and supplies purchased on account were P65,000 10,000 2,000 13,000