WALANG FOREVER just started operations on January 1, 2017. During its first year, 80,000 units were put into production and the following costs were incurred: Raw materials purchased Salaries of workers in production Salaries of factory supervisor and security personnel Utilities (water and electricity incurred) P 130,000 201,000 38,000 20,000 Only 80% of the raw materials purchased were put into production and 20% of those used were indirectly traceable to the product. As per physical count at December 31, 2017, there are only 5,255 units in the production are where they are 59% complete, and 60,000 are in the warehouse ready to be sold. The company usually expects that 10% of those started will be spoiled after the production period. Direct materlals are added 3/5 when unit is 2% complete, 25% when it is 98% complete and excess is added at the end. Direct labor and overhead is incurred evenly. REQUIRED: 1. If the inspection point is at 30% completion: a. Make a cost of production report for the period. b. Make the necessary entries to record all the transactions that happened for the period. 2. If the inspection point is at 95% completion: a. Make a cost of production report for the period. b. Make the necessary entries to record all the transactions that happened for the period.