following trial balance was taken from the records of Joji Factory on December 31, 20X4 JOJI factory December 31, 20X4 Cash on Hand and in Banks. P220,000 Finished Goods Inventory. 180,000 Work in Process inventory 160,000 Raw Materials Inventory. 190,000 Prepaid Factory Insurance. 22,000 Unused Manufacturing Supplies. 31,000 Machinery and Equipment. 2,200,000 Allowance for Depreciation - Machinery and Equipment. 400,000 Tools 80,000 Patents 150,000 Vouchers 900,000 P.Santiago, Capital 1,100,000 P.Santiago, Drawing 80,000 Sales 5,000,500 Purchase - Raw Materials 950,000 Purchase Discounts 40,400 Direct Labor 1,400,000 Indirect Labor 660,000 Indirect Materials 231,500 Repairs and Maintenance-Factory 90,400 Miscellaneous Factory Expense 46,000 Selling Expenses 510,000 Administrative Expenses 240,000. P 7,440,900. P 7,440,900 Data for adjustments 1. Tools on Hand P20,000 2. Inventories on December 31 Raw Materials. 450,000 Work in Process 160,000 Finished Goods. 230,000 Manufacturing Supplies Unused 32,000 3. Expired Factory Insurance 50% of the balance. 4. The useful life of the machinery is 10 years, without scrap value. 5. Amortization of Patents is P20,000 Prepare: 1. Cost of Goods Manufactured Statements 2. Income Statement 3. Balance Sheet 4. Closing Entries