Coronado Wings, Inc. manufactures airplanes for use in stunt shows. Coronado's factory is highly automated, using the latest in robotic technology. To keep costs low, the company employs as few factory workers as possible. Since each plane has different features (such as its shape, weight, and color). Coronado uses a job order costing system to accumulate product costs. At the end of 2020, Coronado's accountants developed the following expectations for 2021 based on the marketing department's sales forecast: $1,050,000 50,000 Budgeted overhead cost Estimated machine hours Estimated direct labor hours Estimated direct materials cost 11,000 $1.500,000 Coronado's inventory count completed on December 31, 2020 revealed the following ending inventory balances: Raw Materials inventory $ 251,000 Work in Process Inventory $ 626,000 Finished Goods Inventory $2.280,000 The company's 2021 payroll data revealed the following actual payroll costs for the year: Number Employed Annual Total Hours Wage Rate Salary per Worked per per Hour Employee Employee $ 225,000 $ 178,000 1 1 1 $ 40,400 1 $ 31,800 Job Title President and CEO Vice president and CFO Factory manager Assistant factory manager Machine operator Security guard, factory Forklift operator Corporate secretary Janitor, factory $15 2.250 NN07 $ 20,800 $8 2.000 1 $ 35,700 $6 2.150 The following information was taken from Coronado's Schedule of Plant Assets. All assets are depreciated using the straight-line method Plant Asset Factory building Administrative office Factory equipment Purchase Price Salvage Value Useful Life $4,000,000 $ 150,000 20 Years $ 650,000 $ 125,000 30 Years $ 2,000,000 $ 20,000 12 Years Other miscellaneous costs for 2020 all paid in cash included: Cost Amount $ 12.900 $5,500 Factory insurance fully expired) Administrative office utilities Factory utilities Office supplies (fully consumed 530.000 $5.100 Additional information about Coronado's operations in 2020 includes the following Raw materials purchases for the year amounted to $1.950.000. All materials were purchased on account The company used $ 1.860.000 in raw materials during the year. Of that amount, 85% was direct materials and 15% was indirect materials Coronado applied overhead to Work in Process inventory based on direct materials cost. Airplanes tosting $ 3.450,000 to manufacture were completed and transferred out of Work in Process inventory Coronado uses a markup of 150% to price its airplanes. Sales for the year were 5 6570.000. All sales are made on account (Note: This transaction requires two journal entre Prepare the journal entries to record Coronados costs for 2001. (Use Salaries Payable and Wages Payable accounts for payroll costs) Creditoccount titles are automatically indented when the amount is entered Do not indent manually. Post entries in die presented in the problem, Round answers to decimo ploces, 5275) No Account Titles and Explanation Debit Credit 1 Swewe (to records for resident president and Corporate > (To record satared factory worker costs) 3. Work in Process inventory Manufacturin Owerhead Was Payable (To record hourly factory worker costs) Depreciation Experte 4. CAMERA LIETTE Accumulated Depreciation (To record depreciation on administrative office equipment) Minut converted Acumutated Depreciation (To record depreciation on factory building and equipment) 6. Utilities Expense Supplies Expeme Cash (To record administrative office utilities and office supplies expense) IN CA 7 Manufacturing Overhead (To record factory Insurance and factory utilities) Raw Material ventory Account (To record raw materials purchases) 9. Work in Process Inventory Manufacturing Overhead Raw Materials twentory (To record direct materials and indirect materials used in production) 10. Work in Process Inventory TITI DE LLLLL Manufacturing Overhead (To apply overhead to work in process) 11 Finished Goods Inventory Work in Process Inventory 11. Finished Goods Inventory Work in Process Inventory (To record transfer of completed airplanes) 12. Accounts Receivable IL LTD Sales Revenue (To record sale of alrplanes to customers) 13 Cost of Goods Sold Finished Goods Inventory (To record cost of airplanes sold)