CGM;journal entries Deezees maves cveniry dresses. The following infornution was gathered from the compury records for the year, the first year of company operations. Wark in Process inventor at the end of the year was 56,300 , The company's gross profit rate for the year was 35 percent. The company's gross profit rate for the year was 35 percent. a. Compute the cost of goods sold for the year, 1 b. What was the total cost of goods manufactured for the year? 1 c. What is firwathed Coods inventory ar December 3171 d. If netincome was 1 sosoo0, what were total selling and administrative expenses for the year?s 6. Prepare fournal ensiries to record the flow of costs for the year, assuming the company uses a perpetual imventory system and as single Mariafacturing Overhead Contro Ilccouri and that vctual overhead is included in Wip Inventory Note: Assuine all raw material purchases and seling and adminestrative expenser are on account. To purchase direct material on account 2. To issue direct material to production 3. To accrue direct labor payroll 4. To accrue indirect payroll 5. To record expiration of prepaid insurance on factory 6. To pay factory utilities 7. To record depreciation on factory equipment 8. To pay foctory rent 9. To record expiration of prepaid insurance on factory 6. To pay factory utilities 7. To record depreciation on factory equipment 8. To pay factory rent 9. To assign actual overhead to WIP 10. To transfer completed goods to FG 11. To record S\&A expense 12. To record CGS 13. To record sales on account