On January 1, the balances of Woodywood Company were as follows: Finished Goods, P 225,000; Work in Process, P 100,000; Materials, P 95,000. During January, the following transactions were completed:

a.Materials were purchased, P 300,000.

b.Direct materials amounting to P 210,000 were issued from the warehouse.

c.Indirect materials amounted to P 30,000.

d.Total salaries and wages for January amounted to P 130,000, including salaries of salesmen P 30,500 and administrative salaries of P 25,000. Labor time tickets show that P 65,500 of the labor cost was direct labor.

e.Other factory overhead costs incurred on account were P 12,000.

f.Total factory overhead is closed to and transferred to Work in Process account.

g.Finished products totaled P 158,500 and finished goods in the shipping room in January 31 totaled P 48,000.

h.Customers to whom shipments were made during the month were billed for P 350,000.

REQUIRED: Prepare journal entries for the ff. transactions.

1.Periodic method

2.Perpetual method