Peter Senen Corporation provided the following account balances as of September 30, 2020:

Cash P112,000 Accumulated depreciation P 36,000

Accounts Receivable 64,000 Accounts payable 40,000

Finished Goods 48,000 Income tax payable 9,000

Work in process 36,000 Share Capital 500,000

Raw materials 52,000 Retained Earnings 207,000

Property and Equipment 480,000

The following transactions occurred during October:

1. Materials purchased on account, P150,000

2. Materials issued to production: direct materials- P90,000, Indirect materials- P10,000.

3. Payroll for the month of October 2020 consisted of the following (also paid during the month):

Direct labor P62,000 Administrative salaries P16,000

Indirect Labor 20,000

Sales salaries 30,000

Payroll deductions were as follows:

Withholding taxes P19,800 Phil health contributions P2,000

SSS contributions 7,100 HDMF contributions 2,000

4. Employer contributions for the month were accrued:

Factory Selling Administrative

SSS contributions P5,700 P2,000 P1,100

Philhealth Contributions 1,200 500 300

EC Contributions 400 300 200

HDMF contributions 1,600 700 400

5. Other costs incurred on account:

Indirect factory overhead- P42,000

Selling - 30,000

Administrative - 10,000

6. Depreciation for the month:

Factory overhead- P2,000

Selling 1,000

Administrative 1,000

7. Factory overhead control account was transferred to work in process, P82,900.

8. Work finished and placed in stock, P178,000

9. Cost of goods sold, P200,000. The markup was 60% of cost.

10. Cash collected from customers, P260,000

11. Materials returned to supplies, P15,000.

12. Payment of accounts payable, P190,000.

13. Provision for income tax, P6,000.

Required: a. Journals entries to record the above transactions

b. Statement of cost of goods manufactured

c. Income statement

d. Balance sheet as of October 31, 2020