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Accounting for Cost Flows 165 Problem 2 ( Flow of an accounting for the merchandiser ) High Plains Sales Corporation experienced the following events during the current year :" Incurred marketing costs of P 197 , 000 . 2 .. Purchased P971 , 000 of merchandise . 3 . . Paid $ 26, 000 for transportation - in costs . 4 .. *^Incurred P 400, 000 of administrative costs . 5 . .` Took a periodic inventory on December 3 1 and learned that goods with a cost of $ 297,000 were on hand . This compared with a beginning* Inventory of P 3 14, 000 on January 1 . 6 . \\Sales revenue during the year was P 1 , 850, 000 . All costs incurred were debited to the appropriate account and credited to Accounts Payable . All sales were on credit . Required :" 1 . Prepare journal entries to reflect these events 2 . ` Prepare T- accounts to show these events . 3 . Prepare an income statement based on these data. Problem 3 ( Cost Flows in a service organization ) For the month of March CBL Consulting Group worked 400 hours for Dynasty Manufacturing , 100 hours for Golden Manufacturing and 200 hours for Commissions , Inc . CBL bills clients at the rate of P 100 per hour , while labor cost is P 40 per hour . A total of 800 hours were worked in March , with 100 hours not billable to clients . Overhead costs of P 1 2, 000 were assigned to jobs ( that is , clients ) on the basis of direct labor-hours . Since 100 hours were not billable , some overhead was not assigned to jobs . CBL had P 6, 000 marketing and administrative costs . All transactions are on account . a . Show the flow of cost through T- accounts. Prepare an income statement for CCG for the month ended March 31 . C . Prepare journal entries