Problem 1: ABC Company uses a job order cost system for its manufacturing activities. The following transaction data were accumulated for the month of June 2021: a Jobs in process, June 1: Job 40 P20,000 Job 41 60.000 b. Raw materials purchased, P720,000 c. Raw materials and supplies requisitioned from the stockroom Job 40 P100,000 Job 41 220,000 Job 42 240,000 General factory usage 40,000 P800.000 d. Total factory payroll accrued and paid Job 40 200,000 Job 41 200,000 Job 42 220,000 Direct labor P82000,0 Indirect labor 80,000 Payroll deductions Income tax withheld SSS contributions Phil. Health contributions Pag-ibig contributions 5% P7,500 2.400 2.000 e. Employer's share in SSS contributions Phil. Health contributions Pag-ibig contributions P10,200 2.400 2.000 f. Depreciation of factory equipment and machinery for June, P80.000 9. Other overhead costs incurred, P340.000 h. Factory overhead is applied to jobs at the rate of 100 percent of direct labor cost. i During the month, Job 40 and Job 41 were completed. i Job 40 was delivered and billed to the customer for P900.000. Required: 1. Prepare general journal entries for the transactions. 2. Compute the balance of Work in Process on June 30, 2021