Pike, Inc. uses a job order cost system and applies overhead to jobs on a basis of 125% of direct labor cost. The company had the following beginning balances in the inventory accounts for 20X6. The company uses the perpetual inventory method for all inventories. Direct Materials 14,000 Work in Process 10,200 Finished Goods 15,600 The company had the following summarized transactions during 20X6. | (a) Direct materials purchased on account were $215,000. (b) Direct materials requisitioned for production amounted to $220,000. (c) Wages and salaries incurred and paid during the year amounted to $350,000. Of that amount, 65% was for direct labor, 20% was for indirect labor, and the remainder was for selling and administrative salaries. (d) The company paid factory utilities in the amount of $34,200. (e) Depreciation expense for the year was $75,000. Of this amount, 80% was for manufacturing purposes and the remainder was for selling and administrative equipment. (f) Other manufacturing overhead costs were $52,000. These were all paid in cash. (g) Advertising costs incurred but not paid amounted to $26,000. (h) The cost of jobs completed during the period was recorded. An inventory of the work in process revealed an ending balance of $16,250 for 20X6. (i) Sales on account for the year amounted to $925,000. Cost of goods sold was 70% of sales. Prepare general journal entries, in proper form, to record the 20X6 transactions. Omit explanations. Post your entries to T accounts. Show the ending balances in the inventory accounts and the manufacturing overhead account(s). Prepare a statement of cost of goods manufactured, in proper form, for the company. Use normal costing in preparing the statement. Prepare the journal entry, in proper form, to close the balance in the manufacturing overhead account(s). Assume the balance is considered to be material (significant) in amount and the company uses the ending balances in the appropriate accounts to dispose of the over- or underapplied manufacturing overhead. Show all supporting computations and round all dollar amounts to the nearest whole dollar. REQUIRED: (1) (2) (3) (4) Pike, Inc. uses a job order cost system and applies overhead to jobs on a basis of 125% of direct labor cost. The company had the following beginning balances in the inventory accounts for 20X6. The company uses the perpetual inventory method for all inventories. Direct Materials 14,000 Work in Process 10,200 Finished Goods 15,600 The company had the following summarized transactions during 20X6. | (a) Direct materials purchased on account were $215,000. (b) Direct materials requisitioned for production amounted to $220,000. (c) Wages and salaries incurred and paid during the year amounted to $350,000. Of that amount, 65% was for direct labor, 20% was for indirect labor, and the remainder was for selling and administrative salaries. (d) The company paid factory utilities in the amount of $34,200. (e) Depreciation expense for the year was $75,000. Of this amount, 80% was for manufacturing purposes and the remainder was for selling and administrative equipment. (f) Other manufacturing overhead costs were $52,000. These were all paid in cash. (g) Advertising costs incurred but not paid amounted to $26,000. (h) The cost of jobs completed during the period was recorded. An inventory of the work in process revealed an ending balance of $16,250 for 20X6. (i) Sales on account for the year amounted to $925,000. Cost of goods sold was 70% of sales. Prepare general journal entries, in proper form, to record the 20X6 transactions. Omit explanations. Post your entries to T accounts. Show the ending balances in the inventory accounts and the manufacturing overhead account(s). Prepare a statement of cost of goods manufactured, in proper form, for the company. Use normal costing in preparing the statement. Prepare the journal entry, in proper form, to close the balance in the manufacturing overhead account(s). Assume the balance is considered to be material (significant) in amount and the company uses the ending balances in the appropriate accounts to dispose of the over- or underapplied manufacturing overhead. Show all supporting computations and round all dollar amounts to the nearest whole dollar. REQUIRED: (1) (2) (3) (4)