2. The following information is available for the Millennium Corporation for the current year: Cost of goods sold Depreciation of Eactory equipnent Direct labor Finished goods investory, Beginning-year Factory insurance Factory utilities Goods transferred from Goods in Process 25,200 64,750 45,000 11,200 16,800 Inventory to Finished Goods Inventory Indireot labor Raw materials inventory, Beginning-year Raw materials purchased Raw materials used in production 285,150 8,400 4,200 116,200 includes $7,000 of indirect materials) Rent on factory bailding 121,800 22.400 Millennium Corporation uses a predetermined overhead rate of 150% of direct labor cost. Prepare journal entries on the attached general journal for the following transactions/and events: (a) Purchase of raw materials on account Accans Bublep,a o (b) Assignment of material costs to Goods in Process and Factory Overhead (e) Payment of Factory Payroll i casho 7,000 (d) Assignment of Factory Payroll to Goods in Process and Factory Overhead (e) Recording of other factory overhead. Assume that all items other than depreclation are paid in cash. (f Assignment of Factory Overhead to Goods in Process (8) Transfer of goods completed to Finished Goods Inventory (h) Recording Cost of Goods Sold (G) Assignment of over applied or under applied overhead to Cost of Goods Sold 121I,300 z