At the beginning of the accounting period, the accountant for ABC Industries estimated that total overhead would be $80,000. Overhead is allocated to jobs on the basis of direct labor cost. Direct labor was budgeted to cost $200,000 this period. During the period only three jobs were worked on. The following summarizes the direct materials and labor costs for each:

Job 1231 Job 1232 Job 1233

Direct Materials $45,000 $70,000 $30,000

Direct Labor $70,000 $90,000 $50,000

Raw materials had a beginning balance of $45,000 and $175,000 was purchased on credit. Job 1231 was finished and sold for $200,000 in cash. Job 1232 was finished but is waiting to be sold; and Job 1233 is still in process. Additional costs for the month were as follows:

Factory equipment depreciation $40,000

Factory Rent$40,000

Other miscellaneous OH $ 2,000

Corporate Headquarters Rent $85,000

REQUIRED: Prepare all necessary journal entries for each step in the flow of goods

Calculate the following amounts:1.) Cost of Goods Manufactured 2.) Cost of Goods Sold 3.) Ending Balance in Work in Process 4.) Prorate over/under allocated overhead based on ending balances (round percentage to two decimal places, ex. .27142 would be 27.14%. Make sure all of the percentages add up to 100%). Record the journal entry.