Problem The inventory balances of Tranquil Company as of January 1, 2021 are given below: Raw Materials @ P 5.34 Finished Goods Work in process P 21,360 P 17,120 P 15,112 Job 20-A Job 20-B Materials Direct labor Factory overhead Total P 1,596 P 2,775 1,290 1,677 3,380 4,394 P 4,563 P 10,549 + Job order cost sheets for job in process as of January 31, 2021 had the following totals Job # Direct Materials Direct labor Overhead 20-A P 17,492 P 11,218 ? 20-B 22,648 15,790 ? 20-C 23,844 14,892 ? 20-D 19,870 12,410 ? Additional information a. Materials purchased and received in January January 4 (@P 4.50 16 @ P 5.00 22 @P 4.80 P 33,120 28,600 31,920 b. Direct labor cost of January: Payroll of P 49,640 is distributed as follows: 20% to 20-A; 25% to 20-B; 30% to 20-C and 25% to 20-D. c. The predetermined overhead rate is 130% of direct labor cost. d. Jobs 20-B and 20-D were completed in January and sold at a markup of 75% of cost. Required: Use the Journal sheets and Job Cost sheets below as your answer sheet. 1. Prepare all necessary journal transactions for Tranquil Company. 2. Complete the job cost sheets 3. Prepare the statement of cost of goods sold.