Nonong Printers, Inc., is using the normal cost accounting system for some time. The following balances are provided on June 1 of the current year: Materials 121 122 Work in process 123 Finished Goods 50,000.00 40,000.00 30,000.00 The following transactions for June are presented below: 1. Additional raw materials were purchased during the month of June at a cost of P86,900. 2. During the month raw materials costing P90,400 were used as follows: a. Direct materials b. Indirect Materials 84,600 5,000 3. During the month, wages and salaries totaling P102,300 were earned by the factory employees. An analysis of the records indicates that labor costs of P102,300 should be allocated as follows: a. Direct labor b. Indirect labor 66,500 35,800 4. Utilities, insurances, and depreciation, totaling 23,500 were incurred during the month. All expenses are allocated to the factory. 5. 80% of direct labor was applied to the factory 6. During the month, some products were completed and transferred to the finished goods warehouse. These products cost P225,100. 7. The finished goods costing P221,500 were sold to various customers. Required: 1. Provide the pertinent journal entries to record the following transactions 2. In good form, prepare a statement of the cost of goods sold.