PROBLEM 5-1 TRANSACTIONS WORK-IN PROCESS I Quantity scheduled for production 1. Issued common stock receiving $5,000,000 2. Raw material purchased 3. Raw material transferred to work-in process $22,000 4. Direct labor 2,000 hours $10 hour 5. Applied manufacturing overhead $5 per direct labor hour 6. Transferred to work-in-process 11 9000 units 7. Remaining in inventory are 3000 units 2/3 complete for raw material and 1/3 $25,000 complete for conversion costs TRANSACTIONS WORK-IN-PROCESS II $100,000 8. Raw materials purchased 9. Ra 10. Direct labor 3000 hours@ $20 hour $90,000 w material transferred to work-in-process 11. Applied manufacturing overhead $5 per direct labor hour 12. Transferred to finished goods 6000 units 13, Remaining in inventory 3000 units l 00% 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 1 0% of sales 16. Administrative expenses 17. Actual manufacturing overhead paid in cash $24,000 $75,000 REQUIRED 1. Prepare required journal entries 2. Post to ledger all manufacturing accounts 3. Prepare cost of goods manufactured statement 4. Prepare cost of goods sold statement 5. Prepare income statement