Required: 1. Prepare Journal entries a. Materials purchased on account, # 360,000 b. Materials issued: Direct Materials Indirect c. Payroll for the period consists of: Direct labor Indirect labor #296,000 #48,000 #224,000 # 48,000; Sales salaries Administrative salaries Deductions from payroll were as follows: Withholding taxes SSS Premiums # 40,000; #24,000. #29,632 Philhealth Premiums # 13,440 # 1,800 # 10,080 Pag-Ibig Premiums d. Payroll paid amounted to P 336,000 e. Factory overhead incurred, P 56,000 broken down as follows: Depreciation Prepaid Utilities Prepaid insurance # 12,000 # 16,000 # 6,000 Miscellaneous factory overhead #22,000 f. Computation of employer's taxes are as follows: Factory SSS Premium #13,600 Philhealth #960 Pag-Ibig #8,160 Selling #3,000 #600 #1200 Administration #1200 #240 #720 g. Factory overhead was charged to production at 85% of direct labor cost. h. Work finished, # 656,000 i. Cost of goods sold - #616,000. Markup was 40% of sales. j. Collected #80% of accounts receivable. k. Payments for liabilities amounted to #352,000, other than payroll. I. Other Selling expenses incurred, # 12,000; Administrative expenses incurred, # 32,000