Barry Company produces custom bikes. There are no beginning raw material and work in process inventories. The transactions or events during the year are as follows: 1. Raw materials purchased were $88,000 in cash. 2. Labor cost was $44,000, of which $20,000 were traceable to different jobs and $24,000 were untraceable to the jobs. The labor cost was paid in cash. 3. $48,000 of raw materials were issued for production and traceable to different jobs. $2,000 of raw materials were used as tools. Managers determined that $2,000 of raw materials used as tools were immaterial and there was no point in tracing the amount of $2,000 to particular jobs. 4. Rent amounted to $60,000 in cash, 40% of the rent was used for the factory. 60% of the rent was used for the office. 5. Supervisor's salaries and factory cleaning were $20,000 and $10,000, respectively. The amounts were paid in cash. 6. During the year, the goods completed amounted to $120,000. 7. Barry Company uses direct labor hours as cost driver (allocation base) to allocate (apply) the manufacturing overhead. During the year, the estimated manufacturing overhead is $90,000 and the estimated direct labor hours are 10,000 hours. Barry used 15,000 hours during the year. 8. Barry Company sold the finished goods costing $100,000 at a selling price of $130,000 on account. Required: (a) Prepare journal entries to account for the transactions or events 1-8. (25 marks) (b) Prepare journal entries to account for any overapplied or underapplied (5 marks) manufacturing overhead written off to cost of goods sold