Hi , I need help on what is the answer to this. The instruction is to prepare the necessary journals and Determine the January overhead rate. Below is the problem and a link in the comment section will be given for module references. I hope that you can help me and I will highly give you a good feedback, thank you

Problem

Seatwork: The Pittman Company manufactures special purpose machines to order. On January 1, there were two jobs in process, #705 and #706. The following costs were applied to these jobs in the prior year: Job No. 705 706 Direct material P 5, 000 P 8, 000 Direct labor 4, 000 3,000 Overhead 4, 400 3, 300 Total P13, 400 P14,300 During January, the following transactions took place: Raw material costing P40,000 was purchased on account. Jobs #707, #708, and #709 were started and the following costs were applied to them: JOB 707 708 709 Direct materials P3, 000 P10, 000 P7, 000 Direct labor 5, 000 6,000 4, 000Job #705 and Job #706 were completed after incurring additional direct labor costs of P2,000 and P4,000, respectively # Wages paid to production employees during January totaled P25,000. Depreciation for the month of January totaled P10,000. Utilities bills in the amount of P10,000 were paid for operations during December. Utilities bills totaling P12,000 were received for January operations. Supplies costing P2,000 were used. # Miscellaneous overhead expenses totaled P24,000 for January. Actual overhead is applied to individual jobs at the end of each month using a rate based on actual direct labor costs. Required: a. Prepare the necessary journal entries b. Determine the January overhead rate