low Help ACCTG2FINAL Ov T Insert Table Chart Text Shape Media Comment Collaborat 2. FOR A MANUFACTURING COMPANY, NAME THE THREE TYPES OF INVENTORIES 3. NAME THE THREE TYPES OF PRODUCT COSTS 4. COMPUTE DIRECT LABOR BASED ON THE FOLLOWING: FACTORY SUPERVISOR $1,000 ASSEMBLY LINE WORKERS=$2,000 AND OFFICE SALARIES=$5,000 5. COMPUTE DIRECT MATERIALS USED BASED ON THE FOLLOWING: BEG RM=$1,000 BEG WIP-$2,000 BEG FG-$3,000 END RM=$4,000 END WIP-$5,000 END FG-$6,000 RM PURCHASED=$7,000 6. COMPUTE COST OF GOODS MANUFACTURED BASED ON THE FOLLOWING: DL=8,000 BEG WIP=2,000 BEG FG-3,000 MO=9,000 END WIP-5,000 END FG-6,000 DM USED -7,000 7. COMPUTE MANUFACTURING OVERHEAD: FACTORY RENT=1,000 FACTORY UTILITIES-2,000 OFFICE DEPRECIATION-4,000 8. PREPARE THE JOURNAL ENTRY TO RECORD 5,000 RM PURCHASED ON ACCOUNT 9. BASED ON 8 ABOVE, 3,000 OF RM WAS REQUESTED FOR PRODUCTION, 2,000 FOR SPECIFIC JOBS AND 1,000 FOR GENERAL USE 10. PREPARE THE JOURNAL ENTRY TO RECORD $6,000 FACTORY PAYROLL. 5,000 PAID TO EMPLOYEES AND 1,000 TO TAXES PAYABLE. 11. BASED ON 10. ABOVE, 4,000 IS FOR ASSEMBLY LINE WORKERS AND 2,000 IS FOR THE FACTORY SUPERVISOR. 12. PREPARE THE JOURNAL ENTRY TO RECORD THE DECLARATION OF A 10% STOCK DIVIDEND. THERE ARE 100,000 COMMON SHARES OUTSTANDING, PAR VALUE OF THE STOCK IS $3/SH AND THE SELLING PRICE OF THE STOCK IS $105/SH 13. ABC COMPANY PURCHASED 1,000 SHARES OF ITS COMMON STOCK FOR ITS TREASURY. PAR VALUE IS $3/SH AND THE SELLING PRICE OF THE STOCK IS $105/SH. 14. PREPARE THE JOURNAL ENTRY TO RECORD ABC CORPORATION CLOSING OUT ITS NET INCOME OF $300,000