3. Set up summary work in process T-accounts and job cost sheets for each job for the first quarter: 4. Post all first quarter costs to the summary work in process AND individual job cost sheets. When posting, make sure you do a total column for each cost element and ONLY POST TOTALS to the general ledger T accounts. 5. Calculate the ending balance for each job as of March 31. 6. Qalculate the ending balance in work-in process as of March 31. 7. Calculate the cost of goods manufactured for the quarter. 8. Calculate the normal (unadjusted) cost of goods sold for the quarter. Calculate the adjusted cost of qoods sold. WHY are they different? Why do we need both? What is the reason for the normal cost of goods sold? 9. During the quarter, did finished goods inventory increase or decrease AND by how much? WHY? 10. Compute the over/underapplied overhead for the quarter. 11. Assuming that the company prices its jobs at full cost plus 50%, calculate the sales revenue for the quarter. 12. Prepare an income statement for the first quarter. 3. Set up summary work in process T-accounts and job cost sheets for each job for the first quarter: 4. Post all first quarter costs to the summary work in process AND individual job cost sheets. When posting, make sure you do a total column for each cost element and ONLY POST TOTALS to the general ledger T accounts. 5. Calculate the ending balance for each job as of March 31. 6. Qalculate the ending balance in work-in process as of March 31. 7. Calculate the cost of goods manufactured for the quarter. 8. Calculate the normal (unadjusted) cost of goods sold for the quarter. Calculate the adjusted cost of qoods sold. WHY are they different? Why do we need both? What is the reason for the normal cost of goods sold? 9. During the quarter, did finished goods inventory increase or decrease AND by how much? WHY? 10. Compute the over/underapplied overhead for the quarter. 11. Assuming that the company prices its jobs at full cost plus 50%, calculate the sales revenue for the quarter. 12. Prepare an income statement for the first quarter