Question: Can someone answer the questions under the required section please PROBLEM 5-3 TRANSACTIONS WORK IN PROCESS I Quantity scheduled for production 48 000 1. Issued

Can someone answer the questions under the required section please
Can someone answer the questions under the required section please PROBLEM 5-3

PROBLEM 5-3 TRANSACTIONS WORK IN PROCESS I Quantity scheduled for production 48 000 1. Issued common stock receiving $5,000,000 2. Raw material purchased $175,000 3. Raw material transferred to work in process S132.000 4. Direct labor 2,000 hours @ 205 hour S. Applied manufacturing overhead $20 per direct labor hour 6. Transferred to work-in-process II 36.000 units 1. Remaining in inventory are 12.000 units 2/3 complete for mw material and 1/3 complete for conversion costs TRANSACTIONS WORK-IN-PROCESS II 8. Raw materials purchased $200,000 9. Raw material transferred to work-in-process $100,000 10. Direct labor 2000 hours a 14 hour 11. Applied manufacturing overhead S10 per direct labor hour 12. Transferred to finished goods 20.000 units 13. Remaining in inventory 16,000 units 100% complete for raw materials and 50% percent complete as to conversion costs OPERATING TRANSACTIONS 14. Sold 5000 units at 4 times unit cost 15. Selling expenses are 10% of sales 16. Administrative expenses $75,000 17. Actual manufacturing overhead paid in cash $24,000 REQUIRED: 1. Prepare required journal entries Post to ledger all manufacturing accounts Prepare cost of goods manufactured statement Prepare cost of goods sold statement Prepare income statement 274 Page

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