materials. (c) Payroll costs totaling $15,200 were recorded as follows: $10,100 for assembly workers 2,200 for factory supervision 1,300 for administrative personnel 1,600 for sales commissions (d) Recorded depreciation: $4,700 for factory machines, $1,300 for the copier used in the administrative office. (e) Recorded $1,900 of expired insurance. Forty percent was insurance on the manufacturing facility, with the remainder classified as an administrative expense. (f) Paid $6,300 in other factory costs in cash. (g) Applied manufacturing overhead at a rate of 200 percent of direct labor cost. (h) Completed all jobs but one; the job cost sheet for the uncompleted job shows $2,500 for direct materials, $2,400 for direct labor, and $4,800 for applied overhead. (1) Sold jobs costing $51,700. The revenue earned on these jobs was $67,210. Required: 1. Set up T-accounts, record the beginning balances, post the January transactions, and compute the final balance for the following accounts: a. Raw Materials Inventory. b. Work in Process Inventory. c. Finished Goods Inventory. d. Cost of Goods Sold. e. Manufacturing Overhead. f. Selling, General, and Administrative Expenses. g. Sales Revenue. 2. Determine how much gross profit the company would report during the month of January before any adjustment is made for the overhead balance. 3. Determine the amount of over- or underapplied overhead. 4. Compute adjusted gross profit assuming that any over- or underapplied overhead balance is adjusted directly to Cost of Goods Sold.