Homework Inventory balances at the beginning of 2018 follow Raw Materials Diventory $16,908 Work In Process Inventory 5,668 Finished Goods Inventory 20,700 The following transactions occurred during January (e) Purchased materials on account for $27.900 (b) Issued materials to production totaling $21,900.90 percent of which was traced to specific jobs and the remainder of which was treated as indirect materials (c) Payroll costs totaling $17,600 were recorded as follows: $10.800 for assembly workers 1100 for factory supervision 2,500 for administrative personnel 3,200 for sales commissions (d) Recorded depreciation: $4,400 for factory machines, $500 for the copier used in the administrative office. (e) Recorded $2.000 of expired Insurance. Forty percent was Insurance on the manufacturing facility, with the remainder classified as an administrative expense. Pald $5,500 in other factory costs in cash (g) Applied manufacturing overhead at a rate of 200 percent of direct labor cost h) Completed all jobs but one, the job cost sheet for the uncompleted job shows $2200 for direct materials, $2,300 for direct labor and $4,600 for applied overhead. 20 Sold jobs costing $51300 The revenue earned on these jobs was $66,690 Required: 1. Set up Taccounts, record the beginning balances, post the January transactions, and compute the final belance for the following accounts: a. Raw Materials Inventory b. Work In Process Inventory c. Finished Goods Inventory d. Cost of Goods Sold e. Manufacturing Overhead Selling General, and Administrative Expenses g. Sales Revenue 2. Determine how much gross profit the company would report during the month of January before any adjustment is made for the overhead balance 3. Determine the amount of over- or underspalted overhead 4. Compute adjusted gross profit assuming that any over of underappled overness osance is adjusted crectly to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. https://sso-dl.i Set up T-accounts, record the beginning balances, po the January transactions, and compute the final balance for the following accounts: Post at amounts parately. Donc combinadd any ott amounts when pasting to the T-s a. Raw Matenais Inventory