1. Journalize the following transactions: 1. Madison Co. purchased $225,500 of raw materials on account. 2. Factory labor totaled $40,000, of which $4,500 is employer payroll taxes. 3. Actual manufacturing overhead costs include: a. Utilities : $2,800 b. Depreciation on equipment: $12,650 C. Repairs on account: $3,200 d. Rent paid, $6,000 e. Insurance (prepaid policy): $3,350 4. Madison Co. issued $75,500 of material to Process A. 5. Assigned $18,000 is factory labor, of which $12,000 is indirect labor 6. Manufacturing Overhead costs are applied at 82% of material issued 7. Balance in WIP-A is transferred to Process -B 8. $51,000 of material is issued to Process - B 9. Assigned $22,000 of factory labor, of which $15,000 is indirect labor 10. Manufacturing overhead costs are applied to Process B at a rate of 62.5% of material issued (to process B) 11. Actual manufacturing overhead costs paid totaled $39,500; manufacturing overhead costs charged to accounts payable totaled $1,500 12. Balance of Process B is transferred to Finished Goods 13. The cost transferred to finished goods included 62,500 units. Calculate the cost per unit (round to hundredths); Madison Co. sold 13,250 units for $79,000 cash; they sold 4,125 units for $24,500 on account 14. Determine over or under-applied manufacturing overhead and prepare adjusting entry