PROBLEM 1 Jennie Kim Company contained the following account balances: Cash 100,000 Accounts Receivable 60,000 Finished Goods 35,000 Work in Process 18,000 Materials 50,000 Accounts Payable 10,000 Accrued Payroll 8,000 Common Stock 200,000 Retained Earnings 45,000 During January 2021, the following transactions were completed. a) Materials purchased on account, P 200,000. b) Factory overhead incurred on account. P 35,000 c) Payroll for the period consists of direct labor - P140,000; indirect labor - P30000. sales salaries - P 25,000; and administrative salaries - P15,000. Deductions from payroll were as follows: Withholding taxes 18,520 SSS Premiums 8,400 Phil Health Contributions 1,125 Pag-ibig Funds 6,300 d) P175,000 paid for payroll e) Computation of employers payroll tax is as follows: Factory Selling Administrative SSS Premiums 8,500 1,250 750 Phil Health 600 375 150 Pag-ibig Fund 5,100 750 450 f) Materials issued; direct materials - P 185,000; indirect - P 35,000. g) Factory overhead was charged lo production at 80% of direct labor cost. h) Work finished and placed in stock - P410,000 j) Cost of goods sold - P 385,000. The markup was 40% of cost. j) Cash collected from customers, P 405,000. k) Payments for liabilities amounted to P 220,000, other than payroll. Required: 1. Journal entries 2. Cost of goods sold statement 3. Income Statement 4. Balance Sheet