Curtis Products manufactures garden tools. It uses a job costing system that allocates factory overhead on the basis of direct: labor-costs. Budgeted factory overhead for the year 2019 was $558,000, and management budgeted $372,000 in direct labor costs. The company's tax rate is 21% (Round income tax to the nearest dollar). The trial balance of Curtis. Products, Inc. on June 30, 2019 is as follows: Cash... $21,000 Accounts Receivable. ..65.000 ...Finished Goods... 103.000- ...Work in Process...... ....31,000+ Materials ....... -19.000 -Prepaid factory Insurance...... .6,000 - Machinery and Equipment (cost). 264.000 Bond payable (due-05/31/2024). + + .....$150,000T Accumulated Depreciation.. ............................. 70.000 Additional Paid-in Capital.... + 110.000...T Accounts Payable...... ..................... 69,000 Common Stock... 50,000 Retained Earnings........ *** 60.000 ...Total....................... .....$509.000..............509.000 During July, the following transactions took place: T July 1. Purchased raw materials for $45,000 and factory supplies for $3,000 on account. (Record materials and supplies in the materials control account) ......2. Received a $50,000 loan from First National Bank to be repaid in 5 years.. ........ 3. Declared a $1,500 cash dividend...T .....3. Issued raw materials to production, S52,000 5 Paid factory utility bill, $10,230 in cash. ......15. Received a bill for July's janitorial services, S4,500. This amount has not yet been paid. T ...... 16.+Used factory supplies costing $1,000. (Indirect manufacturing.cost). ......20. Incurred research & development expense on account, S6,000. -.-22. Paid other factory overhead costs, $12,500. .....23.Incurred selling expenses on account, S6,150.- ......28. Paid cash dividend, S1,500.- .... 25. Incurred payroll costs of S45,000 (not yet paid). Of this amount, $30,000 were direct labor costs and S15,000 indirect labor cost. ......27. Incurred restructuring costs totaling $15,000 on account. 27. Incurred administrative expenses on account, 7,100.- 28. Prepaid factory insurance expired, $1,750.- 28. Paid payroll costs, $45,000. 30. Record depreciation for July. Depreciation rate is 10% per annum on the cost of machinery and equipment. ...One-fifth of this depreciation is for office equipment and the remainder for factory equipment. ...30. Allocate manufacturing overhead costs to production on the basis of direct labor costs. ....31. Completed and transferred goods with a total cost of $95,000 to the finished goods storeroom. ...31. Sold goods costing $185,000 for $374,000. (Assume all sales were made on account).. ...31. Paid accounts payable totaling, S158,000 ......31. Collected accounts receivable in the amount of $320,000.- ...31. Accrue S400 interest expense. ......31. Calculate the overallocated or underallocated overhead and close this amount to the Cost of Goods Sold account. Required 5. Prepare a classified balance sheet for July 2019. T