P7-4 The following transaction occurred in production department of NGV Company. Direct material purchased on credit for P25,000 All material used in production department Direct Labor cost incurred...

Extracted text: P7-4 The following transaction occurred in production department of NGV Company. Direct material purchased on credit for P25,000 All material used in production department Direct Labor cost incurred was P9,000 Overhead applied to production department was P22,000 1. 2. 3. 4. 5. Units completed were of worth P55,000 Unit sold were costing P45,500 6. NGV uses backflush costing method. Required: a. Calculate the finished goods inventory. b. Compute the work in process inventory. C. transactions.