ducation.com/ext/map/index.html?_con-con&external browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconne... Saved You skipped this question in the previous attempt. Help Save & Exit Submit Check my work 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 1 Work in Process Inventory Finished Goods Inventory $ 16,400 5,900 20,800 The following transactions occurred during January a. Purchased materials on account for $27,000 b. Issued materials to production totaling $21,700, 90 percent of which was traced to specific jobs and the remainder of which was treated as indirect materials. c. Payroll costs totaling $18,700 were recorded as follows: $11,800 for assembly workers $2,400 for factory supervision $1.300 for administrative personnel $3,200 for sales commissions d. Recorded depreciation: $5,500 for factory machines, $500 for the copier used in the administrative office. e. Recorded $1,900 of expired insurance. Forty percent was insurance on the manufacturing facility, with the remainder classified as an administrative expense. f. Paid $4,900 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 $2,300 for direct materials. $2,000 for direct labor. and $4,000 for applied overhead. i. Sold jobs costing $50,300. The revenue earned on these jobs was $65,390. Required: 1. Set up T-accounts, record the beginning balances, post the January transactions, and compute the final balance for the following accounts a. Raw Materials Inventory b. Work in Process Inventory c. Finished Goods Inventory. d. Cost of Goods Sold. e. Manufacturing Overhead. f. Selling, General, and Administrative Expenses g. Sales Revenue 2. Determine how much aross profit the company would report during the month of January before any adjustment is made for the < Prev 9 of 9 Next 89F Mostly sunny 4:0 9/11