Fine Woods Furniture (FWF) Manufactures solid wood furniture for individual customers. Each piece of furniture has a unique design. FWF uses job order costing to attach manufacturing costs to the units. Due to the extensive use of machinery FWF uses machine hours to allocate the overhead. For the current year the estimate for overhead cost and machine time were $360,000 and 18,000 hours* respectively. *Machine hours were for 10 machines running for one eight hour shift each day for a five day week. Time was provided for regular maintenance and setups for each machine each week. During the year the following events took place: 1. Purchased wood for $ 250,000 on account. 2. Wood was requisitioned for production valued at $252,000. 3. Collected $232,000 of Accounts Receivable 4. Purchased sandpaper for $1,000 and varnish for $7000 and paid immediately. Fine Woods Furniture uses a supplies account for indirect materials. Assume that the sandpaper is a supply, and the varnish is a direct material. 5. Transferred sandpaper with a purchase price of $900 and varnish with a value of $6,250 to the factory floor. 6. Paid an electric utility bill for factory power of $62,000 in cash. 7. Incurred direct-labor costs