3. (8 points) Schoff Corporation has provided the following data for the most re Raw materials, beginning balance...... .. $12,000 Work in process, beginning balance $24,000 Finished Goods, beginning balance $54.000 Transactions. (1) Raw materials purchases $77,000 (2) Raw materials used in production (all direct materials) $80,000 (3) Direct labor........ $74,000 (4) Manufacturing overhead costs incurred $84,000 (5) Manufacturing overhead applied. $78,000 (6) Cost of units completed and transferred from Work in Process to Finished Goods.. $244,000 (7) Any overapplied or underapplied manufacturing overhead is closed to Cost of Goods Sold .. ? (8) Finished goods are sold $278,000 Required: Prepare T-accounts (or journal entries) and record each of the transactions listed all transactions are conducted with cash