Corporation uses a job-order cost accounting system. corporation's predetermined overhead application rate is 50% of direct labor cost At the end of 2008, the company's records show pertaining to costs applied to jobs during the year the following information 1) Raw materials on hand at the beginning of the year was 1,800. Raw materials purchasedduring the period amounted to $3500 2) Jobs in progress at the beginning of the year: Job-order # 101 102 Materials 2,800 2,000 4,800 LaborOverhead Total Cost 1,000 800 1,800 500 400 900 4,300 3,200 7,500 Totals4 3) Costs traceable to jobs during the year: Job-order #1 Materials | Labor 102 103 104 105 Total 500 1,000 1,200 1,500 4,200 400 600 400 800 1,000 3,200 4) Jobs finished and sold during the year Job-order # 101 102 103 Sales value 7,000 6,000 2,000 5) Job-order #104 finished but unsold at the end of the year 6) Factory overhead incurred during the year were as follows: Indirect materials 500- indirect labor 600-other expenses 425 $ 7) Selling and administrative costs for the year were 300 and 4004 respectively. Required 1) prepare job-order cost sheets 2) Prepare a T-account for the above transactions 3) Prepare the journal entries for the above transactions 4) Prepare a cost statement for the year 5) Prepare an income statement for the year