The Malakas Manufacturing Company commenced operations on July 01, 2020. The given trial balance of transactions shows the gross debits and credits to each account of the ledger as of December 31, 2020, except for the work in process and the finished goods inventory accounts. The company uses a cost system for its manufacturing operations. Transactions Balances Dr Cr Dr Cr Cash in bank 4,640,000 3,700,000 940,000 Notes receivable 200,000 120,000 80,000 Accounts receivable 3,400,000 3,020,000 380,000 Materials inventory 1,250,000 1,180,000 70,000 Finished goods inventory ? 300,000 Work in process inventory 7 140,000 Factory supplies inventory 180,000 140,000 40,000 Prepaid insurance 19,000 15,000 4,000 Machinery and equipment 950,000 950,000 Mortgage payable 500,000 500,000 Accrued interest on mortgage 7,500 7,500 Accrued payroll 1,451,000 1,470,000 19,000 Ordinary share 1,500,000 1,500,000 Vouchers payable 4,200,000 4,605,000 405,000 Sales 3,600,000 3,600,000 Cost of goods sold 2,500,000 2,500,000 Marketing expenses 275,000 275,000 Administrative expenses 290,000 290,000 Financial expenses 62,500 62,500 Totals ? ? 6,031,500 6,031,500 You are also given the following information: . The ending work in process inventory consist of the following: Material P60,000 Direct labor 45,000 Factory overhead 35,000 2. Insurance premiums apply as follows: Factory 2/3 Office 1/3 3. The cost of the finished goods is made of: Material 40% Direct labor 40% Factory overhead 20% 4. Payroll Incurred during the perlod consist of: Direct labor P1, 165,000 Indirect labor 135,000 Marketing 80,000 Office 90,000 Requirement: Using T-accounts, show the entries making up the transactions included in the figures shown in the trial balance. Key each entry by the use of a letter. Further, prepare the summary of the entries constructed in the T-Accounts