Cost Assumptions: Alternative Direct Materials: Ink Paper 1@$10 1@$10 Direct Labor Rate Direct Labor Production $5 per hour 2 hours per book $200,000 Estimated MOH Selling Price Multiple Estimated Quantity 10,000 1210 - 0 ESTIMATED UNIT COST ESTIMATED SELLING PRICE POR JOURNAL ENTRIES STAGE 1-ACQUISITION 1. Record purchase of 12,000 ink cartridges @ $10.00 2. Record purchase of 12,000 reams of paper @$10.00 STAGE 2-PRODUCTION OR WORK IN PROCESS 3. Record transfer of 10,000 ink cartridges to WIP 4. Record transfer of 10,000 reams of paper to WIP 5. Record payment for 10,000 actual labor hours 6. Record applied manufacturing overhead at POR STAGE 3-FINISHED GOODS ed books only pleted 8,000 books with raw material cost transferred for completed books of labor and manufacturing overhead transferred to finished goods Determine actual unit cost_ STAGE 4 -SALE OF FINISHED GOODS 8. Record sale of 6,000 books 9. Record actual manufacturing overhead Depreciation is Other overhead expenses total 10. Record over or under applied MOH $100,000 $90,000 STAGE 5-SELLING AND ADMINISTRATIVE EXPENSES 11. Sales salaries are 25% of sales 12. Rental expenses are $200,000 Required: Journalize each entry Post to ledger the selected T-accounts Prepare cost of goods manufactured statement Prepare cost of goods sold statement Prepare income statement