Related data of Dindi Company:

Beginning balances

Raw Materials InventoryP96,000

Work in process inventory240,000

Finished goods inventory269,000(700 units)

The entity uses the perpetual inventory system.

The weighted average method is used to determine the cost of goods sold.

Transactions during the year:

1. The entity purchased on cash the following items:

Direct materialsP 750,000

Indirect materials95,000

Freight-in (delivery fee)25,000

1. The entity issued raw materials to production.

Direct materialsP687,500

Indirect materials85,000

1. The entity paid the total payroll:

Factory workersP500,000

Factory supervisors and manager215,000

Administrative and finance employees390,000

SSS, Pag-ibig, and Phil-health employer's share45,000

SSS, Pag-ibig, and Phil-health employee's share50,000

Withholding taxes - Compensation68,000

1. Incurred expenses as follows:

DescriptionProductionSelling & Admin

Rent ExpenseP120,000P80,000

Depreciation Expense50,00040,000

Utilities Expense370,000120,000

Other Expenses45,00023,000

TotalP585,000P263,000

1. The related factory overhead applied:

Estimated fixed overhead costP300,000

Estimated variable overhead cost700,000

Estimated overhead activity (Machine hours)25,000

Actual Machine hours22,500

1. The entity completed 5,000 units. The total cost is P2,125,000

1. The entity sold 4,800 units at 50% based on cost.

Requirements:

1. What are the related journal entries?
2. How much is the ending balance of Raw materials inventory?
3. How much is the ending balance of Work in process inventory?
4. How much is the ending balance of Finished goods inventory?
5. How much is the product cost per unit?
6. How much is the adjusted cost of goods sold?
7. How much is the net income?