Exercise #3: A Manufacturing Company has the following data at June 30, 2018: Raw materials inventory, June 1 $ 13,800 Work in process inventory, June 1 18,100 Finished goods inventory, June 1 43,500 Total manufacturing costs 510,000 Sales 590,000 Work in process inventory, June 30 30,400 Finished goods inventory, June 30 50,200 Raw materials inventory, June 30 18,000 Instructions (a) Using the above data, prepare an income statement through gross profit for the month of June. (b) Prepare the current asset section of the balance sheet showing the presentation of the June 30 inventories. Exercise #4: A Manufacturing Corporation had the following transactions for its first month of operations: 1. The Corporation purchased raw materials on account, $85,000. 2. Factory managers requisitioned Raw Materials of $30,000 to the factory. The materials requisition slips indicated that $6,000 was classified as indirect materials. 3. Factory labor costs incurred were $125,000 of which S100,000 pertained to factory wages payable and $25,000 pertained to employer payroll taxes payable. 4. Time tickets indicated that $104,000 was direct labor and $21,000 was indirect labor. 5. Overhead costs incurred on account were $112,000. 6. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 7. Goods costing $135,000 are still incomplete at the end of the month; the other goods were completed and transferred to finished goods. 8. Finished goods costing $100,000 to manufacture were sold on account for $130,000. Instructions Journalize the above transactions for the Manufacturing Corporation. Exercise #5: A Company allocates manufacturing overhead at $9 per direct labor hour. Job X25 required S boxes of direct materials at a cost of $30 per box and took employees 14 hours to complete. Employees earn $15 per hour Instructions Compute the total cost of Job X25. Be sure to show your work