IV. AJ Smith Compay has the following beginning inventory balances at 1/1/2019 Beginning Raw materials Beginning Work in process Finished Goods 16,000 25.000 all in Job 112 0 (no beginning inventory in finished goods) AJ Smith company had the following transactions in January 1. Purchased Raw Materials on account for 200,000 2. Salaries paid to factory workers was $75,000. All paid in cash 3. Factory rent of 55,000 and utility bills for 40,000 for the month were paid in cash. and Depreciation on factory equipment was $45,000. 4. Material and labor was charged to jobs in WIP in January as follows 1 Job 111 Job 112 Job 113 General use Total Material Labor 45,000 25.000 60,000 20.000 40,000 10,000 10,000 20,000 155,000 75,000 Overhead Make a journal for the material and the labor costs to the 3 jobs in Work in process (2 journals) 5. Manufacturing overhead is applied at a rate of $3 per direct labor dollar. There were 55,000 direct labor dollars in the month. Make the joumal to apply overhead 6. Jobs 111 and 112 were completed and transferred to finished Goods 7. Job 111 was sold for $200,000. Make the journals for this. (include Cost) 8. What is the over or under applied overhead amount over or under 9. What is the total ending inventory incl RM, WIP and FG at 1/31/2019 (Remember to count beginning inventory in Job 112) Create Journal entries for each transaction below (choose one) Account 4 (2 Journals for 44 one materials and one labor) Debit Credit