59. (Journal entries) Ballyhoo Rags makes evening dresses. The following information has been gathered from the company records for 2001, the first year of company operations. Work in Process Inventory at the end of 2001 was

$25,500.

Direct material purchased on account $330,000 Direct material issued to production 294,000 Direct labor payroll accrued 215,000 Indirect labor payroll accrued 62,000 Factory insurance expired 2,500 Factory utilities paid 14,300 Depreciation on factory equipment recorded 21,700 Factory rent paid 84,000 Sales on account 958,000 The company’s gross profit rate for the year was 35 percent.

a. Compute the cost of goods sold for 2001.

b. What was the total cost of goods manufactured for 2001?

c. If net income was $60,300, what were total selling and administrative expenses for the year?

d. Prepare journal entries to record the flow of costs for the year, assuming the company uses a perpetual inventory system.