Alameda Paints Corp. uses the cost-per-order system in manufacturing its products. The company has balances in its inventory accounts as of April 1 of: INITIAL INVENTORY Raw materials $34,000 Work in process .. 22,000 Finished products . 50,000 During the year, the following transactions were carried out: 1. Purchased Raw Material on credit, $170,000 2. Production obtained from the warehouse through raw material requisition: $ 180,000 (80% direct) 180,000 X .80 = a job in progress is uploaded 180,000 X .20 = Charged to Indirect Material 3. Employee wages and hours were incurred and/or accumulated: DL$200,000; indirect labor $82,000; Sale and Administration $90,000 4. Utilities were incurred, $70,000, in production. 5. Advertising costs incurred, $100,000 6. Expired prepaid insurance expenses (Prepaid insurance) $20,000 (90% manufacturing) original entries a. Prepaid insurance . 20,000 Cash 20,000 Entry to recognize cost and expense: b. Insurance expense 2,000 General expenses 18,000 Prepaid insurance 20,000 I MADE THE ENTRY FOR THEM TO SEE THE PROCESS. 7. Depreciation is recognized for $180,000 ( 90% plant, COST )( 10% Expense) 8. Application of OVERHEAD at a rate of 175% of DIRECT LABOR COST (200,000 x 1.75) 9. Products that cost $700,000 to produce according to the Job Order Cost Sheet were transferred to the Finished Goods warehouse. 10. The company sold $1,000,000 of credit. The cost of sales was $720,000. Required Prepare journal entries to record each transaction Prepare T accounts for RM, WP, FG, MOVH, COGS Post to T accounts and determine balances Prepare an Income Statement