Accounting 2120 Chapter 17- Process Costing Assignmet 1 alize the following transactions: Madison Co. purchased $112,000 of raw materials on account Actual manufacturing averhead costs include: a. Repairs (a/p): $2,500 b. Utilities: $875 c. Depreclation on equipment: $1625 d. Rent (paid in advance):$2750 e. Insurance (prepaid palicy): $1415 f. Indirect Material: $2,000 Factory Labor totaled $$5,000, of which $3,000 is employer payroll taxes Madison Co. issued $55,310 of material to Process 1. Assigned $18,000 of factory labors costs, of which $10,000 was assigned to Process 1 and the remainder was indirect Manufacturing overhead costs are applied at 74% of material issued (round to nearest dollar) Balance in WIP-1 is transferred to Process-2 $15,450 of material is issued to Process 2 Assigned factory labor totaling $22,000, of which $12,000 was assigned to process 2 and remainder was indirect. Manufacturing overhead costs are applied to Process 2 at a rate of 49.S% of material issued (to process 2)Round to nearest dollar 1.Actual manufacturing overhead costs paid totaled $3,450; manufacturing overhead costs charged to accounts payable totaled $13,975 2. Balance of Process 2 is transferred to Process 3 3. $8,000 of material is issued into process 3 4. Assigned factory labor totaling $15,000, af which $5000 was assigned to process 3 and the remainder was indirect. S. Manufacturing overhead costs are applied to Process 3 at a rate of 75.25% of materials issued (to process 3). 16. Process 3 has been completed, which completes the manufacturing process. 17. The cost transferred to finished goods included 15,000 units. Calculate the cost per unit (round to hundredths): Madison Co. sold 2500 units for $40,625 (customer paid 15% down and owes the remainder); they sold 850 units for S 14,000 on account 18. Determine over or under-applied manufacturing overhead costs and prepare adjusting entry