Job Order Costing Practice Problem 3 At the beginning of the current year, Maple Products had the following inventory amounts on its balance sheet: Raw materials $12,000 Work in process 20,000 Finished goods 35,000 Maple Products estimated that it would incur $60,000 in manufacturing overhead during the year, and that it would operate at a level of 15,000 direct labor hours. During the current year, the following transactions were completed:

A. Purchased raw material on account, $8,000.

B. Raw materials were issued to production, $16,000. 90% of these materials were direct, and 10% were indirect.

C. Factory payrolls were paid, $49,000. 80% of the factory payroll was direct labor, and 20% was indirect labor. 14,000 direct labor hours were worked.

D. Administrative payrolls were paid, $12,00. Sales payrolls were paid, $10,000.

E. Depreciation on factory equipment, $8,000.

F. Factory utilities paid, $7,000.

G. Various administrative expenses incurred and paid, $20,000

H. Various selling expenses incurred and paid, $15,000.

I. Various manufacturing overhead costs incurred and paid (other than those indicated above), $30,000.

J. Manufacturing overhead was applied to production.

K. Completed production for the current year, $106,600.

L. SALES TO CUSTOMERS FOR THE CURRENT YEAR WERE:

1.) SELLING PRICE $160,000

2.) COST ??????

M CLOSE OUT FACTORY OVER HEAD

I NEED HELP WITH JOURNAL ENTRIES LETTERS L AND M