Christopher's Custom Cabinet Company uses a job order cost system with overhead applied as a percentage of direct labor costs. Inventory balances at the beginning of the current year follow: Raw Materials Inventory $ 15,400 Work in Process Inventory 5,900 21,000 es Finished Goods Inventory The following transactions occurred during January a. Purchased materials on account for $27,000. b. Issued materials to production totaling $21,900, 90 percent of which was traced to specific jobs and the remainder of which was treated as indirect materials. c. Payroll costs totaling $17,800 were recorded as follows: $10,500 for assembly workers $3,000 for factory supervision $1,700 for administrative personnel $2,600 for sales commissions d. Recorded depreciation: $4,700 for factory machines, $700 for the copier used in the administrative office. e. Recorded $1,200 of expired insurance. Forty percent was insurance on the manufacturing facility, with the remainder classified as an administrative expense. f. Paid $5,200 in other factory costs in cash. g. Applied manufacturing overhead at a rate of 200 percent of direct labor cost. h. Completed all jobs but one; the job cost sheet for the uncompleted job shows $2,200 for direct materials, $2,500 for direct labor, and $5,000 for applied overhead. 1. Sold jobs costing $50,500. The revenue earned on these jobs was $65,650. Required: 1. Set up T-accounts, record the beginning balances, post the January transactions, and compute the final balance for the following accounts: