equired: Prepare journal entries for the transactions. Problem 1-2: Journal entries (with payroll deductions) The following transactions pertain to the manufacturing operations of PPG Company a. Materials purchased totaling P100,000. b. Materials were issued as follows: P49,000 9.000 Direct materials Indirect materials Total payroll was P60,000 direct labor, P12,000 indirect labor, P6,000 sales sala ries, and P10.000 office salaries. Income tax withheld was 10% of wages earned; SSS contribution at a rate of 5%. Phil. Health contribution at 1 .5% and Pag-ibig contribution at 1 % were deducted. The payroll due to the employees was paid c. 0 e employer's share of payroll taxes for all categories of employees consists of 5% ssscontribution, 1.5% Phil. Health contribution,1/2% Employees compen- sation contribution and 1% Pag-ibig contribution Miscellaneous factory expenses of P15,000 were paid. e. f. Factory overhead of P30,000 was charged to production. h. Required: Prepare journal entries to record the transactions Cost of production completed during the period was P120,000 Goods costing P40,000 were billed to customers at a sales price of P52,000 equired: Prepare journal entries for the transactions. Problem 1-2: Journal entries (with payroll deductions) The following transactions pertain to the manufacturing operations of PPG Company a. Materials purchased totaling P100,000. b. Materials were issued as follows: P49,000 9.000 Direct materials Indirect materials Total payroll was P60,000 direct labor, P12,000 indirect labor, P6,000 sales sala ries, and P10.000 office salaries. Income tax withheld was 10% of wages earned; SSS contribution at a rate of 5%. Phil. Health contribution at 1 .5% and Pag-ibig contribution at 1 % were deducted. The payroll due to the employees was paid c. 0 e employer's share of payroll taxes for all categories of employees consists of 5% ssscontribution, 1.5% Phil. Health contribution,1/2% Employees compen- sation contribution and 1% Pag-ibig contribution Miscellaneous factory expenses of P15,000 were paid. e. f. Factory overhead of P30,000 was charged to production. h. Required: Prepare journal entries to record the transactions Cost of production completed during the period was P120,000 Goods costing P40,000 were billed to customers at a sales price of P52,000