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Business Transactions (Requirement \#3) Ava and Taylor spent the month of December talking to various suppliers in order to determine their cost structure. They added cost data to the information in Table 1. Specialty Cakes Inc. opened for business on January 1, 2023 as planned. During the month of January, the business purchased and used 200 pounds of flour, 200 pounds of sugar, 67 dozen eggs and had 4 bad eggs to dispose of during the month (the cost of these eggs are immaterial), 20 baking soda boxes, 200 pounds of butter, 100 pounds of raisons, 50 bottles of rum, and the other ingredients (one box of each for a total of four) all from one supplier on account. Manufacturing overhead is applied to production at 4 dollars per cake. The company purchased the oven using the startup capital and paid all salaries. Her nieces worked 300 hours in total for the month. January was a very good month for the bakery since it baked 200 cakes and sold all for cash. The average selling price was $50 per cake. All manufacturing overhead is closed out at month end. The supplier was paid at month end. Required: Document Specialty Cakes Inc January transactions using T-accounts and journal entries (round all calculations to 2 decimal places) All other costs such as utilities, must be accounted for in the T-accounts (assume such transactions where applicable, are paid in cash). -30 points. - B as ventory Business Transactions (Requirement \#3) Ava and Taylor spent the month of December talking to various suppliers in order to determine their cost structure. They added cost data to the information in Table 1. Specialty Cakes Inc. opened for business on January 1, 2023 as planned. During the month of January, the business purchased and used 200 pounds of flour, 200 pounds of sugar, 67 dozen eggs and had 4 bad eggs to dispose of during the month (the cost of these eggs are immaterial), 20 baking soda boxes, 200 pounds of butter, 100 pounds of raisons, 50 bottles of rum, and the other ingredients (one box of each for a total of four) all from one supplier on account. Manufacturing overhead is applied to production at 4 dollars per cake. The company purchased the oven using the startup capital and paid all salaries. Her nieces worked 300 hours in total for the month. January was a very good month for the bakery since it baked 200 cakes and sold all for cash. The average selling price was $50 per cake. All manufacturing overhead is closed out at month end. The supplier was paid at month end. Required: Document Specialty Cakes Inc January transactions using T-accounts and journal entries (round all calculations to 2 decimal places) All other costs such as utilities, must be accounted for in the T-accounts (assume such transactions where applicable, are paid in cash). -30 points. - B as ventory