Green Technology Corporation uses a backflush costing system with three trigger points: Purchase of direct materials Completion of products Sale of finished goods There are no beginning inventories. Data for December 20xx are: Direct materials purchased P 880,000 Direct materials used 850,000 Conversion costs incurred 422,000 Conversion costs allocated 400,000 Costs transferred to finished goods 1,250,000 Costs of goods sold 1,190,000 Required: 1. Prepare summary journal entries for December 20xx. Assume no direct materials variances. 2. Post the entries to general ledgers. High Definition Technology Corporation manufactures 3D televisions and uses JIT production system. The following transactions occurred during the month of January 20xx a. HDTC purchased P1,700,000 of materials on account. b. All materials purchased were delivered straight to production cells. c. HDTC incurred direct labor costs of P800,000. d. HDTC applied conversions costs total of P2,020,000 (including direct labor of P800,000). e. Actual Factory Overhead costs incurred amounted to P1,220,000. f. All 3D televisions were completed and delivered to customers. HDTC uses a backflush costing system with three trigger points: Purchase of direct materials Completion of products Sale of finished goods Required: 1. Prepare summary journal entries for January 20xx. Assume no direct materials variances. 2. Post the entries to general ledgers.