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OExercise 1 Consider the following transactions for Gustard Manufacturing Inc. in the second quarter of 2015 1. Inventory at the beginning of the quarter consisted of materials ( 4,000), work in progress (job 63, 18,500; job 64, 16,700), and finished goods (25 units at 100 each) 2. . Incurred manufacturing wages of 184,000(30% was direct labor of job 63,25% direct labor of job 64, and 45% was indirect labor) 3. On May 1, the firm purchased a new piece of equipment for 88,000, with a down payment of 8,000 and the issuance of a 2-year, 5% note payable for the remaining balance. 4. Distributed cash dividends to the shareholders for 12,000. 5. Purchased materials on account, 52,000 6. Recorded various manufacturing overhead: depreciation on plant, 6,500; utilities, 4,500; maintenance, 3,000. 7. Incurred and paid administrative salaries, 105,000. 8. Paid a yearly insurance on professional liability for 4,500 on April 15 9. Paid interest expenses on loan payable, 3,500. An "Accrued interest payable" account already exists in relation to this expense and has a credit balance of 1,000. indirect materials, 17,000. labor costs. 10. Used in production: direct materials for job 63, 19,500; direct materials for job 64, 18,800; 1. Allocated manufacturing overhead to jobs using the predetermined rate of 110% of direct curred and paid Research and Development costs, 11,900. 13. Completed job 63 (1,500 units of finished product) and 80% of job 64(950 units of finished product) old 2,200 units of finished product on credit for 412,000 (assume FIFO) 15. Journalized the closing of the manufacturing overhead account The income tax payable for the second quarter is estimated at 20,000. Required Journalize the transactions in the company's journal, using the perpetual inventory method and preparing the necessary adjusting entries Post the T-accounts and the final balances of materials, WIP, and finished goods Specify whether manufacturing overhead is overallocated or underallocated Prepare the income statement for the second quarter of the year, using the cost of goods sold format. Round the results to the nearest euro b. c. d. Exercise 2