Eminence Corporation makes rocking chalrs. The chalrs move through two departments during production. Lumber is cut Into chalr parts In the cuttlng department, which transfers the parts to the assembly department for completion. The company sells the unfinlshed chalrs to hobby shops. The list of beginning balances are glven below Cash Raw materials Work in process cutting Work in process assenbly Finished goods Production supplies Conmon stock Retained earnings $24,868 8,808 9,508 11,500 2,800 198 47, 8,188 The transactions for the second year of operation (2019) are described here. (Assume that al transactions are cash transactions unless 1. The company purchased $10.000 of direct raw materials and $650 of Indirect materlals. Indirect materlals are capltalized In the Production Supples account. 2 Materlals totaling $7,250 were Issued to the cutting department. 3. Labor cost was $23,500. Direct labor for the cutting and assembly departments was $11,000 and $10,000, respectively. Indirect labor costs were $2,500. (Note: Assume that sufficlent cash Is avallable when perlodic payments are made. These amounts represent summary data for the entire year and are not presented In exact order of collection and payment) 4. The predetermined overhead rate was $0.50 per direct labor dollar In each department. 5. Actual overhead costs other than Indirect materlals and Indirect labor for the month were $7,300. 6. The cutting department transferred $15,500 of Inventory to the assembly department. 7. The assembly department transferred $30,500 of Inventory to finlshed goods. 8. The company sold Inventory costing $17,500 for $32,000. 9. Selling and adminlstrative expenses were $4,200. 10. At the end of 2019, $150 of production supplies was on hand. 11. Assume that over-or underapplied overhead Is Insignificant. Required a. Record the data In T-accounts. b. Record the closing entry for over-or underapplied manufacturing overhead, assuming that the amount is Insignificant. c. Close the revenue and expense accounts. d. Prepare a schedule of cost of goods manufactured and sold, an Income statement, and a balance sheet for 2019