The inventory balances of Renegade Corp. as of February 1, 2020 are given below: Raw Materials...

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The inventory balances of Renegade Corp. as of February 1, 2020 are given below: Raw Materials @ P 10.68 Finished Goods Work in process $42,720 $34,240 $30,224 SPACE - A SPACE-B $ 3,192.00 $ 5,550.00 Materials Direct labor $ 2,580.00 $ 6,760.00 Factory overhead $ Total 3,354.00 $ 8,788.00 $ 9,126.00 $21,098.00 Job order cost sheets for job in process as of February 1, 2020 had the following totals Job # SPACE-A Direct Materials P 34,984 Direct labor Overhead P 22,436 ? SPACE-B $45,296.00 $ 31,580.00 SPACE-C $47,688.00 $29,784.00 SPACE-D $39,740.00 $ 24,820.00 ? ? ? Other information a. Materials purchased and received in February February 4 (@ P 9.00 16 @ P 10.00 22 @ P 9.60 66,240 57,200 63,840 b.Direct labor cost of February: Payroll of $ 99,280 is distributed as follows: 20% to SPACE-A: 25% to SPACE -B: 30% to SPACE -C and 25% to SPACE -D. c. The predetermined overhead rate is 130% of direct labor cost. d.Jobs SPACE-B and SPACE-D were completed in February and sold at a markup of 75% of cost. Required: 1. Prepare all necessary journal transactions. 2. Complete the job cost sheets 3.Prepare the statement of cost of goods sold. JOB NO. DIRECT MATERIALS AMOUNT DIRECT LABOR HOURS RATE AMOUNT OVERHEAD HOURS RATE AMOUNT DIRECT DIRECT COST SUMMARY MATERIALS LABOR FACTORY OVERHEAD TOTAL COST SELLING UNIT COST PRICE The inventory balances of Renegade Corp. as of February 1, 2020 are given below: Raw Materials @ P 10.68 Finished Goods Work in process $42,720 $34,240 $30,224 SPACE - A SPACE-B $ 3,192.00 $ 5,550.00 Materials Direct labor $ 2,580.00 $ 6,760.00 Factory overhead $ Total 3,354.00 $ 8,788.00 $ 9,126.00 $21,098.00 Job order cost sheets for job in process as of February 1, 2020 had the following totals Job # SPACE-A Direct Materials P 34,984 Direct labor Overhead P 22,436 ? SPACE-B $45,296.00 $ 31,580.00 SPACE-C $47,688.00 $29,784.00 SPACE-D $39,740.00 $ 24,820.00 ? ? ? Other information a. Materials purchased and received in February February 4 (@ P 9.00 16 @ P 10.00 22 @ P 9.60 66,240 57,200 63,840 b.Direct labor cost of February: Payroll of $ 99,280 is distributed as follows: 20% to SPACE-A: 25% to SPACE -B: 30% to SPACE -C and 25% to SPACE -D. c. The predetermined overhead rate is 130% of direct labor cost. d.Jobs SPACE-B and SPACE-D were completed in February and sold at a markup of 75% of cost. Required: 1. Prepare all necessary journal transactions. 2. Complete the job cost sheets 3.Prepare the statement of cost of goods sold. JOB NO. DIRECT MATERIALS AMOUNT DIRECT LABOR HOURS RATE AMOUNT OVERHEAD HOURS RATE AMOUNT DIRECT DIRECT COST SUMMARY MATERIALS LABOR FACTORY OVERHEAD TOTAL COST SELLING UNIT COST PRICE