Cost Flows. A summary of manufacturing cost transactions for Modern Motors, Inc. for 1997 is as follows:

Required:
1. Record transactions

(a) through (h) using T-accounts, and close the factory overhead variance to Cost of Goods Sold.

2. Compute the total cost and cost per unit of Order 115 assuming that 15,000 units were produced for that order.

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(a) Materials costing $995,650 were purchased from suppliers on account. (b) Materials were requisitioned during the year as follows: Direct materials. Indirect materials (factory overhead) $ 791,000 147,000 Included were direct materials requisitions of $21,000 for Order 115. (c) The factory payroll for the year amounted to $488,000. FICA taxes withheld was $33,000; income taxes withheld was $87,000; and the amount paid to the employees was $368,000. (d) The factory labor was utilized as follows: Direct labor... Indirect labor (factory overhead) $ 338,000 150,000 Included in the direct labor cost was $22,500 identified by labor time tickets with Order 115. (e) Factory overhead was applied to production at 150 percent of the direct labor cost. (f) Factory overhead cost during the year, in addition to the cost of indirect materials and indirect labor previously mentioned, amounted to $173,000. Included in this amount was depreciation of $52,000. Credit the balance of this cost to Accounts Payable. (g) Orders costing $1,117,000 were completed during the year. Order 115 is in- cluded among the completed orders. (h) Goods costing $944,000 were sold to customers on credit terms for $1,552,000.