Dusty's Treasures had the following account balances as of January 1, 2021 Direct Materials Inventory $28,200 Supplies Inventory 3,000 96,000 19,000 6,000 Work-In-Process Inventory Finished Goods Inventory Prepaid Insurance During January, the company incurred the following costs: 1. Purchased $119,000 of direct materials and $60,000 of supplies on account. 2. Issued $125,000 of direct materials and $54,000 of supplies to production. 3. Accrued factory payroll of $88,000; $62,000 was for direct manufacturing labor and the rest was supervisor's salaries. 4. Accrued plant utility costs of $7,000; $1,600 of this was fixed. 5. Accrued property taxes on the factory for $2,200. 6. Had prepaid insurance of $1,600 on factory equipment expire in January. 7. Had straight-line depreciation on factory equipment of $40,000. 8. Applied actual MOH to Work-In-Process Inventory. 9. Transferred goods costing $410,000 to Finished Goods Inventory. 10. Had total sales on account of $720,000. 11. Had cost of goods sold of $420,000. 12. Had selling and administrative costs of $280,000; $175,000 was accrued wages and the rest charged on account. (Check figure: ending Work-In-Process Inventory should equal $9,800) Required: 1. Journalize the transactions for January, using the item number as the date and the chart of accounts provided. 2. Post necessary transactions to the ledger account (use T-accounts) for Direct Materials Inventory, WIP Inventory, FG Inventory, and COGS. (You may post others if desired, but these four are for points). 3. Prepare a Schedule of Cost of Goods Manufactured for January. (See pg 42) 4. Prepare and Income Statement for January, using the detailed Schedule of Cost of Goods Sold. (See pg. 42)