Hawkins Company was organized on July 1. On that date the company purchased 50,000 plastic emblems, each with a peel-off adhesive backing. The front of the emblems contained the company's name, accompanied by an attractive logo. Each emblem cost Hawkins Company $3 for a total of $150,000. During July, 40,000 emblems were drawn from the Raw Materials inventory account. Of these, 5,000 were taken by the sales manager to an important sales meeting with prospective customers and handed out as an advertising gimmick. The remaining emblems drawn from inventory were affixed to units of the company's product that were being manufactured during July. Of the units of product having emblems affixed during July, 90% were completed and transferred from Work in Process to Finished Goods. Of the units completed during July, 70% were sold and shipped to customers. Required Determine the cost of the emblems that would appear in each of the following accounts at July 31st. Please note that the five categories should add up to $150,000 which is 50,000 emblems at $3 per emblem. Your answer should be in dollars, not emblems. I did the Selling Expense for you. It would be awesome if you showed your work, like I did for selling expense and total cost. Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Selling Expense 5,000 x $3 = $15,000 50,000 x $3 = $150,000 Total cost