The Riverside Company had the following inventories on Aug. I of the current Problem 1 The following information pertains to August operations: 1) Materials purchased on account, P70,000. 2) Materials issued for production, P62,500. Of this amount, P7,500 was for indirect materials; the difference was distributed: P13,750 to Job 401; P17,500 to Job 402; and P23,750 to Job 403 . 3) Materials returned to the warehouse from the factory, P2,000, of which P750 was for indirect materials, the balance from Job 403 . 4) Materials returned to vendors, P2,500. 5) Payroll after deducting P7,562.50 for withholding taxes, P4,000 for SSS Premiums, P937.50 for Medicare, and P3,000 for Pag-ibig, was P82,000. The payroll due the employees was paid during the month. 6) The payroll was distributed as follows: P26,000 to Job 401; P31,250 to Job 402,P26,250 to Job 403 and the balance represents indirect labor. 7) The share of the employer for payroll was recorded - P5,000 for SSS Premiums, P937.50 for Medicare Contributions, and P3,000 for Pag-ibig Funds. 8) Factory overhead, other than any previously mentioned, amounted to P37, 500. Incl ded in this figure were P7,500 for depreciation of factory building and equipment, and P2,375 for expired insurance on the factory. The remaining overhead was unpaid at the end of August. 9) Factory overhead was applied to production at the rate of 80% of direct labor cost. 10) Jobs 401 and 402 were completed and transferred to the finished goods warehouse 11) Job 401 was shipped and billed at a gross profit of 40% of the cost. 12) Cash collections from accounts receivable during August were P87,500.. Requirements for Problem 1 1. Journal entries to record the above transactions. 2. job order cost sheets. 3. Cost of goods sold statement