The magnolia corporation has a cycle time of 1.5 days, uses a raw and in process account, and charges all conversion cost to cost of goods sold. At the end of each month, all inventories are counted, their conversion cost components are estimated, and inventory account balances are adjusted. Raw materials cost is backflushed from raw and in process account to finished goods. The following information is for July.

Beginning balance of RIP account, including P2,400 of conversion costP 23,400

Beginning balance of FG account, includingP8,000 conversion cost24,000

Raw materials received on credit444,000

Ending RIP Inventory per physical count, including P3,600 conversion cost estimate25,600

Ending FG Inventory per physical count, including P7,000 conversion cost estimate19,000

Conversion cost (direct labor - P210,000 ; factory overhead-P189,00)

Required: Journal entries to record the given transactions