The Chiz Manufacturing Company has a cycle time of 2.0 days, uses a Raw and In Process account and charges all conversion cost to COGS.

The following is for May, 2020:

RIP beginning, including P12,000 of conversion cost P 40,000

FG beginning, including P8,800 of conversion cost 35,000

Raw materials purchased on credit 230,000

RIP ending, including P15,700 of conversion cost 28,500

FG ending, including P13,100 of conversion cost 19,800

Conversion cost: P180,000 of direct labor and P225,000 of FOH.

Required:

Journalize the given transactions.

Note: Please provide a solution/explanation. Thank you!