Alphine Products Inc uses a job-order cost system. The company's inventory balance on April1, the start of its fiscal year were as follows: Raw materials inventory $32,000 Work in porcess: $20,000 I Finished goods: $48,000 During the year, the following transactions were completed: a. Raw materials were purchased on account $170,000 b. Raw materials were issued from the storeroom for use in production, $180,000 (80% direct and 20% indirect) c.Employee salaries and wages were accrued as follows( direct labour $200,000 indirect labour $82,000 and selling and admin salaries $90,000) d. Utility costs were incurred in the factory $65,000 e. Advertising costs were incurred $100,000 f. Prepaid insurance expired during the year $200,000 (90% factory, 10% office ) 9. Amortization were recorded $180,000 (85% factory, 15% office) h. Manufacturing overhead was applied to jobs at the rate 175% of the direct labour cost 1. Goods that cost $700,000 to manufacture according to their job cost sheets were transferred to finished goods Sales for the year totalled $1,000,000 and were all on account. The total cost to manufacture these goods was $720,000 Required: 1. Prepare journal entries to each transaction 2. Prepare the T-Account for raw materials, Work-in-process, finished goods, Manufacturing overhead and COGS 3.1s the manufacturing overhead under-applied or over-applied for the year? Prepare a journal entry to close the balance to COGS 4. Prepare an income statement for the year. warehouse