Job Costing Illustration ABC Company had the following beginning balances: Raw materials, $1,000. . Work in process inventory, $4,000 ($3,000-Job 102; $1,000-Job 103) Finished goods inventory, $6,000 ($6,000 - Job 101) Accounts payable, $500. During the month, ABC had the following transactions: a. Raw materials purchased on account, $10,000. b. Raw materials used in production, $7,000 ($2,000 was indirect materials; $3,747 was direct materials for Job 102; $925 was direct materials for Job 103; $328 was direct materials for Job C. 104). Direct labor during the month, $9,000 (workers are paid $9 an hour; $8,478 - Job 102, $450 Job 103; $72-Job 104). d. Indirect labor during the month was $4,000. e. Accrued factory rent for the month, $5,000. f. Accrued factory insurance during the month, $1,000. 8. Factory equipment depreciation for the month was $2,000. h. i. Factory overhead was applied to work in process. Jobs 102 and 103 were completed and transferred to finished goods during the month. j. Jobs 101 and 102 were sold during the month. k. Overapplied/underapplied manufacturing overhead was transferred to cost of goods sold. Additional information: Manufacturing overhead is allocated based on direct labor hours. . Estimated manufacturing overhead for the month is $15,000, and estimated direct labor hours are 1,200 hours. Required: 1. Post transactions a-k above to t-accounts. Find the ending balance in each account and specify whether this balance would be reflected on the company's income statement or balance sheet. 2. Journalize the above transactions a-k.