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.