9 Raw Materials Inventory $ 15,300 Work in Process Inventory Finished Goods Investory 6,100 20,600 16 points 2020017 Book P Peles The following transactions occurred during January a. Purchased materials on account for $27,800. b. Issued materials to production totaling $21,600, 90 percent of which was traced to specific jobs and the remainder of which was treated as indirect materials. c. Payroll costs totaling $18,100 were recorded as follows: $11,100 for assembly workers $2.100 for factory supervision $2,500 for administrative personnel $2,400 for sales commissions d. Recorded depreciation: $4,900 for factory machines, $500 for the copier used in the administrative office. e. Recorded $2,000 of expired insurance. Forty percent was insurance on the manufacturing facility, with the remainder classified as an administrative expense. f. Paid $6,300 in other factory costs in cash. 9. Applied manufacturing overhead at a rate of 200 percent of direct labor cost H. Completed al jobs but one, the job cost sheet for the uncompleted job shows $2,500 for direct materials, $2.500 for direct labor and $4,200 for applied overhead. Sold jobs costing $50,100. The revenue earned on these jobs was $65,130 Required: 1. Set up T-accounts, record the beginning balances, post the January transactions, and compute the final balance for the following accounts a. Raw Materials Inventory b. Work in Process Inventory c. Finished Goods Inventory d. Cost of Goods Sold e. Manufacturing Overhead f. Selling, General, and Administrative Expenses g. Sales Revenue Determine how much gross profit the company would report during the month of January before any adjustment is made for the verhead halance