Problem 2: You are asked to bring the following incomplete accounts of SYM Company updated through May 2015. Direct Materials | 5/31/15 P20,000 Work in Process 4/30/15 P2,000| | Accounts Payable | 4/30/15 P 10,000 Factory overhead control P55,000 | Finished Goods 4/30/15 P25,000| Cost of Goods Sold Additional information: (a) The overhead is applied by using a budgeted rate that is set at the beginning of each year by forecasting the years overhead and relating it to forecasted machine hours. The budget for 2015 called for a total of 15,000 machine hours and P750,000 of factory overhead. (b) The accounts payable is for direct materials purchases only. The balance on May 31, was P12,000. Payment of P78,000 were made during May. (c) The finished goods inventory as of May 31 was P7,000. (d) The cost of goods sold during the month was P165,000. (e) On May 31, there was only one unfinished Job in the factory. Cost record shows that P1,000 (40 hours) of direct labor and P2,000 of direct materials had been charged to Job. Thirty machine hours were used on that Job. (f) Total of 940 direct labor hours were worked during the month of May. All factory workers earn the same rate of pay. (g) All 'actual" overhead incurred during May has already been posted. (h) A total of 1,000 machine hours was used during May. Required: 1) Cost of Goods Sold Statement; 2) Compute for the under/over applied overhead; 3) Prepare all necessary journal entries