Group 2. Each student in this group 2 is to complete the following (1) Create an individual post by clicking "Reply" below. In the subject heading, put "Group 2: your last name. Do p3-23, but please do not answer parts 1 - 4 for problem 3-23. Instead, each student is to complete p3-23 (p. 130) by using the equations (Materials WIP. FG, Income Statement, and T-accounts (Actual OH, Applied OH) that were shown in the lectures. Remember that indirect materials and indirect laborare OH. Please show clear calculations so others can understand your work if you post carly, you can let other students view/comment on your work, and you are allowed to re-post your corrected solution (as long as this is done before the deadlines: you can upload your amended answer by replying to your own post. (2) Then go and read the posts of at least 2 other students in your group and reply to their posts. PROBLEM 3-23 Journal Entries; T-Accounts; Cost Flows (L04, LO5, L07] Almeda Products, Inc., uses a job-order costing system. The company's inventory balances on April 1. the start of its fiscal year, were as follows: Raw materials Work in process Finished goods $32,000 $20,000 $48,000 a. c. c. During the year, the following transactions were completed: Raw materials were purchased on account. $170,000. b. Raw materials were issued from the storeroom for use in production, $180,000 (80% direct and 20% indirect). Employce salaries and wages were accrued as follows: direct labor, $200,000; indirect labor. $82,000; and selling and administrative salaries, $90,000. d. Utility costs were incurred in the factory, $65.000 Advertising costs were incurred, $100.000, f. Prepaid insurance expired chiring tho year. $20,000 (90% related to factory operations, and 10% related to selling and administrative activities). 8 Depreciation was recorded. $180,000 (85% related to factory assets, and 15% related to sell ing and administrative assets). h. Manufacturing overhead was applied to jobs at the rate of 175% of direct labor cost. Goods that cost $700,000 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. j. Sales for the year totaled $1,000,000 and were all on account. The total cost to manufacture these goods according to their job cost shects was $720,000