(a) Assume the company uses perpetual inventory system. Prepare journal entries to record the following activities of the company for April. (14 marks)i. The accumulation of raw materials costs.ii. The accumulation of manufacturing overhead costs.iii. The assignment of raw materials costs to production.iv. The assignment of factory labor costs to production.v. The assignment of manufacturing overhead costs to production using the predetermined overhead rate based on direct labour hours.(b) What is the cost of goods manufactured under Job No. 101? (2 marks)(c) Prepare the journal entry to adjust for the underapplied or overapplied overhead. Assume the amount is considered immaterial. (3 marks)

9m Part A The Young's Company uses a job-order costing system and a predetermined overhead rate based on direct labour hours (DLH). It identied the following estimated manufacturing overhead for the upcoming year: Overhead Item Budgeted Cost Insurance $24,000 Depreciation $36,000 Material handling $122,000 Engineering $98,000 Total $280,000 The estimated direct labour hours for the year were 20,000. On April 1, Raw materials, Work in process and Finished goods had the following beginning balance: Raw materials $ 6,500 Work in process (Job No. 101) 15,000 Finished goods 7,000 The following information pertains to the company's activities for the month of April: 1. Raw materials were purchased on account for $45,000. 2. Job No. 102 was started during the month. 3. Raw materials totalling $40,000 were requisitioned for use in production. Of this total, $6,000 was for indirect materials. The direct materials were distributed as follows: Job No. 101 $14,000 Job No. 102 $20,000 4. Factory labor costs for the month totalled $100,000, of which $4,000 was for indirect labor. The direct labor was distributed as follows: Job No. 101 $36,000 Job No. 102 $60,000 5. The company had depreciation of $3,000 and expired insurance on the factory of $2,000 for the month of April. 6. Other manufacturing costs (excluding direct materials and direct labour) incurred but not paid totalled $8,000. 7. Manufacturing overhead was applied using the predetermined overhead rate. The following is the distribution of direct labour hours (DLH) for April: Job No. 101 600 DLH Job No. 102 1000 DLH 8. Both Job No. 101 and Job No. 102 were completed during the month. 9. Job No. 101 was sold on account during April at a selling price of$134,800