HJ PUBLISHING COMPANY PRODUCT COSTING AND PRICING ASSUMPTIONS 1. 2. Selling price 3. 4. Raw material paper 5. Direct labor 6. Units to be produced 4,000 4 times unit cost 2@s5 Raw materials Ink $(0. $10 1@10 1 hours at $10 per hour (D Estimated Manufacturing overhead Total overhead $80,000 7. Beginning Inventory Finished Goods1,000 $40 8. Purchased 10,000 ink cartridges @$5 each 9. Purchased 5,000 reams of paper $10 10. Transferred 8,000 ink cartridges to Work in Process 11. Transferred 4,000 reams of paper to Work in Process 12. Actual direct labor hours 4,200 hours 13. Manufactured overhead applied based on direct labor hours 14. Completed 3000 books: Raw material on completed books $20 each Total direct labor and manufacturing overhead allocated to completed books only 15. Sold 2,500 units. Utilize FIFO in determining Cost of Goods Sold 16. Actual manufacturing overhead $85,000 17. Adjust for under or over applied overhead 18. Selling expenses $100,000 19. Administrative expenses $25,000 20. Dividends $10,000 Please complete the to Determine unit cost of one book Determine predetermined overhead rate Trial Balance .Determine selling price .Prepare Journal Entries . Post to Ledger COGM COGS Income Statement