The following were the transactions of GULF Manufacturing Company for the month of May 20x4. May 4 Materials purchased on account, P'l,600,000 May 4 Freight paid in cash for materials purchased, P50,000. May 30 Factory payroll for the month was as follows Paid to the workers after deductions P450,000 Withholding Taxes P40,120 888 12,380 Medicare. 5,000 Pagibig Fund. 5,500 May 30 Employer's payroll charges on factory wages were Medicare P 7,000 Combined EC and Maternity. 6,000 888. 15,000 Pagibig Fund. 8,000 May 30 0f the total factory payroll, P 400,000 was direct labor and the balance indirect labor. May 30 Monthly depreciation charges were factory buildings, P60,000; machinery and equipment, P80,000 May 30 Goods costing P900000 were sold for P1,500,000 in cash May 30 Inventories were: Work in Process P80,000, Materials P250,000, Finished Goods P250000 Required: Journal entries to record the transactions