Raw Materiale Inventory Work in Process Inventory Tinished Goods tnventory 916,700 6.900 20,200 The following transactions occurred during January (a) Purchased materials on account for $27,600 (b) issued materials to production totaling $20,200, 90 percent of which was traced to specific jobs and the remainder of which was treated as indirect materials. (c) Payroll costs totaling $16.700 were recorded as follows: $10,400 for assembly workers 2.200 for factory supervision 2.200 for administrative personnel 1.900 for sales commissions (d) Recorded depreciation: $4,200 for factory machines. $1,500 for the copler used in the administrative office. (e) Recorded $1,900 of expired insurance. Forty percent was Insurance on the manufacturing facility, with the remainder classified as on administrative expense, O Paid $4,800 in other factory costs in cash (a) Applied manufacturing overhead at a rate of 200 percent of direct labor cost (h) Completed all jobs but one, the job cost sheet for the uncompleted job shows $2,400 for direct materials. $2.400 for direct labor, and $4,800 for applied overhead. 10 Sold jobs costing $51700. The revenue earned on these jobs was $67.210 Required: 1. Set up Taccounts, record the beginning balances, post the January transactions, and compute the final balance for the following Occounts a. Raw Materials inventory b. Work in Process Inventory c. Finished Goods inventory d. Cost of Goods Sold e Manufacturing Overhead Seling, General, and Administrative Expenses 9. Sales Revenue Required 1 Required 2 Required 3 Required 4 Set up T-accounts, record the beginning balances, post the January transactions, and compute the final balance for the followi amounts separately. Do not combine/add any dollar amounts when posting to the T-accounts.) a. Raw Materials Inventory. b. Work in Process Inventory. c. Finished Goods Inventory d. Cost of Goods Sold. e. Manufacturing Overhead. f. Selling, General, and Administrative Expenses. g. Sales Revenue. Raw Materials Inventory 16,700 Work in Process Inventory 6,900 Beg Bal (a) Beg. Bal. End. Bal 16,700 End. Bal. 6,900 Cost of Goods Sold Finished Goods Inventory 20,200 Good Beg. Bal Beg Bal End. Bal. 20.200 End. Bal. 0 Cost of Goods Sold Finished Goods Inventory 20,200 Beg. Bat. Beg Bal 0 End. Bal 20,200 End. Bal Manufacturing Overhead Selling, General, and Administrative Expenses Beg Bal Beg Bal End, Bal End Bal Sales Revenue Beg Bal End Bal Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine how much gross profit the company would report during the month of January bef the overhead balance. Unadjusted Gross Profit Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the amount of over- or underapplied overhead. Manufacturing Overhead Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute adjusted gross profit assuming that any over- or underapplied overhead balance is ac Goods Sold Adjusted Gross Profit