Millennium Corporation uses a predetermined overhead rate of 150% of direct labor cost. Required: Prepare journal entries for the following transactions and events:

(1) Assignment of materials costs to Goods in Process Inventory and Factory Overhead.(4 marks)

(2) Assignment of Factory Payroll to Goods in Process Inventory and Factory Overhead.(4 marks)

(3) Assignment of Factory Overhead to Goods in Process Inventory.(2 marks)

(4) Transfer of goods completed to Finished Goods Inventory.(2 marks)

(5)Compute the actual factory overhead, and then prepare the adjusting entry to allocate any over- or underapplied overhead, assuming the amount is not material.(2 marks)

$ 19,400- Ending raw materials inventory- Depreciation of factory equipment Drect labor Finished goods-beginning year Factory utilities Ending goods in process Indirect labor Raw materials inventory-beginning year Raw materials purchased Beginning goods in process Indirect materials Marketing expenses Factory rent- 45,000* 64,600 45,000* 3,000 5,000 8,400 24,200 116,200. 95,000. 7,000 8,000 31,600