Exercise 1 Benton Printing Corp. began operations on January 1. The following information is available for the operations related to the first quarter's production 1. Raw materials purchased on account were $192,000. 2. Factory wages incurred were $87,300. 3. Materials requisitioned and factory labor used by job: Job Factory Number Materials Labor A20 $35,240 $18,000 A21 42,920 22,000 A22 36,100 15,000 A23 39,270 25,000 Indirect 4,470 7,300 Totals $ 158,000 $87,300 4. Other factory overhead costs included $49,500 incurred on account and $14,550 depreciation on factory equipment. 5. The pre-determined overhead rate is 90% of direct labor cost. 6. Jobs completed during the quarter: A20, A21, and A23. 7. Job A20 was sold for $124,000 cash. Instructions A. Enter the transactional data in the cost flow T-accounts and job cost sheets. B. Prepare the required journal entries for the transactions in the general journal. C. Verify the ending balances of the Work in Process and Finished Goods Inventory by reconciling to the job cost sheets. D. How will the under or over-applied overhead be reported on the financial statements at the end of the quarter? Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Expense Factory Payroll Factory Overhead A20 A21 A22 A23 JOB NO. Beg DM DL OH Total JOB NO. Beg DM DL OH Total JOB NO. Beg DM DL OH Total JOB NO. Beg DM DL OH Total GENERAL JOURNAL GENERAL JOURNAL