aline. Date: Problems (70 points) 1. Following is a list of costs incurred by the Sitka Products Co. during the month of June: Direct materials used Indirect materials used Direct labor employed Indirect labor employed Selling expenses $12,000 Expired insurance $3,000 800 700 3,000 Utilities 20,000 Repairs 4,500 Depreciation expense 6,000 Machinery and equipment 1,200 (1) Prepare the 4 journal entries necessary to record the issuance of materials, the distribution of labor cost, the recording of factory overhead, and the entry transferring Factory Overhead to Work in Process. (20 points/5 points each) (2) Prepare the journal entries for the materials on hand were $400 less than the stores ledger balance. (5 points) ANS