I. Journalize the following transactions:1. Madison Co. purchased $225,500 of raw materials on account.2. Actual manufacturing overhead costs include: a. Utilities : $2,800b. Depreciation on equipment: $12,650c. Repairs on account: $3,200d. Rent paid, $6,000e. Insurance (prepaid policy): $3,3503. Madison Co. issued $75,500 of material to Process A.4. Assigned $18,000 is factory labor, of which $12,000 is indirect labor5. Manufacturing Overhead costs are applied at 82% of material issued 6. Balance in WIP A is transferred to Process B7. $51,000 of material is issued to Process B8. Assigned $22,000 of factory labor, of which $15,000 is indirect labor9. 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 $1,50011. Balance of Process B is transferred to Finished Goods12. 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 account13. Determine over or under-applied manufacturing overhead and prepare adjusting entry.