The company uses a job-order costing system and applies manufacturing overhead cost to jobs on the basis of direct labor hours. At the beginning of the year, the following estimates were made for the purpose of computing the predetermined overhead rate: manufacturing overhead costs, P360,000, and direct labor hours, 900.

The following transactions took place during the year (all purchases and services were acquired on account):

1. Raw materials were purchased for use in production, P200,000.
2. Raw materials were requisitioned for use in production (all direct materials), P185,000.
3. Utility bills were incurred, P70,000 (90% related to factory operations, and the remainder related to selling and administrative activities}.
4. Salary and wage costs were incurred:

Direct labor (975 hours) P230,000

Indirect labor P90,000

Selling and administrative salaries P110,000

1. Maintenance costs were incurred in the factory, P54,000.
2. Advertising costs were incurred, P136,000.
3. Depreciation was recorded for the year, P95,000 (80% related to factory equipment and the remainder related to selling and administrative equipment).
4. Rental costs incurred on buildings, P120,000 (85% related to factory operations, and the remainder related to selling and administrative facilities).
5. Manufacturing overhead cost was applied to jobs (P ?).
6. Cost of goods manufactured for the year, P770,000.
7. Sales for the year (all on account) totaled P1,200,000. These goods cost P800,000 according to their job cost sheets.

The balances in the inventory accounts at the beginning of the year were:

Raw materials P30,000

Work in process P21,000

Finished goods P60,000

Required: (1-5)

1. Prepare journal entries to record transactions (a) to (k).
2. Determine the ending inventory balances for Raw Materials, Work in Process, and Finished Goods.
3. Prepare a schedule of Cost of Goods Manufactured.
4. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. Prepare a schedule of Cost of Goods Sold.
5. Job 412 was one of the many jobs started and completed during the year. The job required P8,000 in direct materials and 39 hours of direct labor time with a total direct labor cost of P9,200. The job contained only four units. If the company bills at a sales price 60% above the unit product on the job cost sheet, what sales price per unit would have been charged to the customer?