1. Jackson, Inc. is a manufacturer of wooden tables. The following information is available concerning the transactions made during January:\ \ a. Purchased materials for use in production at a cost of $100,000 in cash. A total of $90,000 was spent on direct materials and the rest was spent on indirect materials.\ b. Materials were used to start production on the current months order of 100 tables ($80,000 of direct materials and $3,000 of indirect materials).\ c. Payroll for the month consisted of $75,000 of direct labor and $30,000 for overhead. Jackson uses a predetermined overhead rate of 20% of direct labor costs.\ d. Other overhead incurred amounted to $20,000. \ e. Completed all 100 tables. \ f. Sold 50 of the tables for cash with a 25% markup.