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62 manufactures pipes amd uses a job order were started (no other jobs 69. Maganda company system. During May, the following were in process) and the following costs were incurred Total P10,000 P20,000 P15,000 P45,000 11,500 2,500 Materials Direct labor 4,000 5,000 P15,000 P24,000 P17,500 P56,50 In addition, estimated overhead of P300,000 and direct labor costs of P150,000 were estimated to be incurred during the year. Actual over- head of P24,000 was incurred in May; overhead is applied on the basis of direet labor costs. If only Job X and Job Z were completed during the month, the journal entry to reoord the initiation of all jobs would be P79,500 Wages Applied factory overhead P45,000 11,500 23,000 P80,500 Direct materials Direct labor Factory overhead P45,000 11,500 24,000 P80,500 Direct materials Direct labor Applied factory overhead P45,000 11,500 24,000 d. Direct labor P11,500 45,000 Direct materials P56,500