EZ LIFTEES LLC led by their CEO, Teddy Roosevelt is a manufacturer of fork lifts for. EZ is based out of Broome County in Upstate New York and uses a job order costing system.

Balances of assets at $1/1/22$ were as follows:

Cash $ $48,000$

Accounts Receivable$ $65,000$

Raw materials$ $90,000$

Work in process $ $50,000$

Finished goods$ $40,000$

The company applies overhead using a predetermined overhead rate based on direct labor hours. At the

beginning of the year, they estimated $30,000$ machine hours, $40,000$ labor hours and incur$ $440,000$ in

manufacturing overhead. The following transactions were recorded for $2022.$ All transactions on account.

a$)$ Raw Materials purchased$ $175,000$

b$)$ Raw Materials were put to use and transferred to work in process$ $175,00$ in direct materials

and $ $40,000$ on indirect components

c$)$ The following employee costs were incurred during $2022,$ labor in the assembly plant included

$(29,500$ of direct labor hours at the cost of $ $520,000),($factory supervisor $ $80,000)$

$($administrative salaries $$130,000).$

d$)$ Office supplies expense incurred $ $10,000$

e$)$ Factory utilities incurred $ $25,000$

f$)$ Property taxes on Factory for policy period $10/1/21$thru $9/30/22=$ $$60,000$

g$)$ Depreciation for the year was a total of$ $300,000,80\%$ for factory $20\%$ for corporate

headquarters

h$)$ Manufacturing overhead was applied to jobs.

i$)$ Goods completed and transferred to finished goods were$ $750,000$

j$)$ Phones were sold for$ $875,000,$ product costs for these sales were$ $650,000$

k$)$ Close out misapplied overhead $($if any$)$ as applicable to COGS

I$)$ EZ collected all its sales, paid off all salaries payable and paid off accounts payable

Prepare appropriate journal entries . Prepare income statement in good form period ended