I. Journalize the following transactions: 1. Madison Co. purchased $225,500 of raw materials on account. 2. Actual manufacturing overhead costs include: . Utilities : $2,800 6. Depreciation on equipment: $12,650 Repairs on account: $3,200 4. Rent paid, $6,000 Insurance (prepaid policy): $3,350 3. Madison Co. issued $75,500 of material to Process A. Assigned $18,000 is factory labor, of which $12,000 is indirect labor s Manufacturing Overhead costs are applied at 82% of material issued Balance in WIP-A is transferred to Process -B 7.$51,000 of material is issued to Process - B 8. Assigned $22,000 of factory labor, of which $15,000 is indirect labor 9. Manufacturing overhead costs are applied to Process B at a rate of 62.5% of material issued (to process B) 10. Actual manufacturing overhead costs paid totaled $39,500; manufacturing overhead costs charged to accounts payable totaled $1,500 1. Balance of Process B is transferred to Finished Goods 12. The cost transferred to finished goods included 62,500 units. Calculate the cost per unit (round to hundredths); Madison Co. sold 13,250 units for $79,000 cash; they sold 4,125 units for $24,500 on account 13. Determine over or under-applied manufacturing overhead and prepare adjusting entry