Lee Corp. uses JIT system to account for its inventory. During January 2020, Lee produced 600,000 wrappers and sold 596,000. The standard costs for each wrapper are as follows: Direct Materials Conversion Costs P4 P8 The company has no beginning inventories. The following transactions during January 2020: 1. Purchased P2,416,000 of direct materials 2. Incurred conversion costs amounting, P4,864,000. 3. Applied P4,800,000 of conversion costs to Raw-in Process Inventory. 4. Finished 600,000 wrappers. 5. Sold 596,000 wrappers for P20. Required: Prepare Journal entries using backflush costing with minimum number of entries.