PROBLEM 3-9 Preparing Journal Entries; T-Accounts; Cost Flows [LO4 - cc8; LO6 - cc12; LO Cc14; LO8 - CC18] Almeda Products, Inc, uses a job-order costing system. The company's inventory balances on April 1, the start of its fiscal year, were as follows: CHECK FIGURES (3) Underapplied by $11,000 (4) NI: $23,000 Raw materials $52,000 Work in process 40,000 Finished goods 38,000 During the year, the following transactions were completed: a. Raw materials were purchased on account, $170,000. b. Raw materials were issued from the storeroom for use in production, $200,000 (80% direct and 20% indirect). c. Employee salaries and wages were accrued as follows: direct labour, $200,000; indirect labour, $82,000; selling and administrative salaries, $120,000. d. Utility costs were incurred in the factory. $75,000. e. Advertising costs were incurred. $90,000. f. Prepaid insurance expired during the year, $20,000 (70% related to factory operations, and 30% related to selling and administrative activities). g. Depreciation was recorded, $150,000 (80% related to factory assets, and 20% related to selling and administrative assets). h. Manufacturing overhead was applied to jobs at the rate of 160% of direct labour cost