I. Journalize the following transactions:1. Madison Co. purchased $112,000 of raw materials on account.2. Actual manufacturing overhead costs include:a. Repairs (a/p): $2,500b. Utilities : $875c. Depreciation on equipment: $1625d. Rent (paid in advance): $2750e. Insurance (prepaid policy): $1415f. Indirect Material: $2,0003. Madison Co. issued $55,310 of material to Process 1.4. Assigned $18,000 of factory labors costs, of which $10,000 was assigned to Process 1 and the remainder was indirect.5. Manufacturing overhead costs are applied at 74% of material issued (round to nearest dollar)6. Balance in WIP 1 is transferred to Process 27. $15,450 of material is issued to Process 28. Assigned factory labor totaling $22,000, of which $12,000 was assigned to process 2 and remainder was indirect.9. Manufacturing overhead costs are applied to Process 2 at a rate of 49.5% of material issued (to process 2) **Round to nearest dollar**10. Actual manufacturing overhead costs paid totaled $3,450; manufacturing overhead costs charged to accounts payable totaled $13,97511. Balance of Process 2 is transferred to Process 312. $8,000 of material is issued into process 313. Assigned factory labor totaling $15,000, of which $5000 was assigned to process 3 and the remainder was indirect.14. Manufacturing overhead costs are applied to Process 3 at a rate of 75.25% of materials issued (to process 3). 15. Process 3 has been completed, which completes the manufacturing process.16. The cost transferred to finished goods included 15,000 units. Calculate the cost per unit (round to hundredths) ; Madison Co. sold 2500 units for $40,625 (customer paid 15% down and owes the remainder); they sold 850 units for $14,000 on account17. Determine over or under-applied manufacturing overhead costs and prepare adjusting entry.