CGM; journal entries DeeZees makes evening dresses. The following information was gathered from the company records for the year, the first year of company operations. Work in Process Inventory at the end of the year was $9,450. Direct material purchased on account $333,000 Direct material issued to production 268,200 Direct labor payroll accrued 193,500 Indirect labor payroll accrued 55,800 Prepaid factory insurance expired 1,800 Factory utilities paid 12,870 Depreciation on factory equipment recorded 19,530 Factory rent paid 75,600 Sales (all on account) 858,600 The company's gross profit rate for the year was 35 percent. a. Compute the cost of goods sold for the year. $ 558,090 b. What was the total cost of goods manufactured for the year? $ 617,850 C. What is Finished Goods Inventory at December 31? $ 59,760 d. If net income was $75,000, what were total selling and administrative expenses for the year? $ 225,510 e. Prepare journal entries to record the flow of costs for the year, assuming the company uses a perpetual inventory system and a single Manufacturing Overhead Control account and that actual overhead is included in WIP Inventory. e. Prepare journal entries to record the flow of costs for the year, assuming the company uses a perpetual inventory system and a single Manufacturing Overhead Control account and that actual overhead is included in WIP Inventory. Note: Assume all raw material purchases and selling and administrative expenses are on account. Credit Debit 333,000 0 0 333,000 268,200 0 0 268,200 193,500 0 0 193,500 55,800 0 0 55,800 Account 1. Raw Material Inventory Accounts Payable - To purchase direct material on account 2. Variable Overhead Control Raw Material Inventory To issue direct material to production 3. Manufacturing Overhead Control X Wages Payable To accrue direct labor payroll 4. Fixed Overhead Control X Wages Payable To accrue indirect payroll 5. Manufacturing Overhead Control Prepaid Insurance To record expiration of prepaid insurance on factory 6. Manufacturing Overhead Control Cash To pay factory utilities 7. Manufacturing Overhead Control a Accumulated Depreciation - To record depreciation on factory equipment 8. Manufacturing Overhead Control . Cash To pay factory rent 1,800 0 0 1,800 12,870 0 0 12,870 19,530 0 0 19,530 75,600 0 0 75,600 165,600 0 165,600 617,850 0 0 617,850 9. Work in Process Inventory Manufacturing Overhead Control To assign actual overhead to WIP 10. Finished Goods Inventory Work in Process Inventory To transfer completed goods to FG 11. S&A Expenses Accounts Payable To record S&A expense 12. Cost of Goods Sold Finished Goods Inventory 225,510 0 0 225,510 ~ 558,090 0 0 558,090 To record CGS 13. Accounts Receivable 858,600 0 Sales > 0 858,600 To record sales on account