Monticello Company uses a perpetual inventory system and has a highly labour intensive production process, so it assigns manufacturing overhead based on direct labour cost. Monticello's predetermined overhead application rate for 2o17 was computed from the following data: Total estimated factory overhead 1,232,500 Total estimated direct labour cost $85o,ooo The following activities took place in the work in process inventory during June WIP Inventory A/C June 1 Bal. Direct Materials Used 25,625 127,400 Other transactions incurred " Indirect material issued to production was $19,ooo . Total naanufacturing labour incurred in June was s172.500, 80% of this amount represented direct labour. " Other manufacturing overhead costs incurred for june amounted to s7o,375- "Two jobs were completed with total costs of s16o,ooo & si05,000 respectively. They were sold on account at a mark-up of 75% on cost. Required: Compute Monticello's predetermined manufacturing overhead rate for 2017 ii) State the journal entries necessary to record the above transactions in the general journal: a) For direct materials used in June b) For indirect material issued to production in June c) For total manufacturing labour incurred in June d) To assign manufacturing labour to the appropriate accounts e) For other manufacturing overhead incurred f) For manufacturing overhead applied for June g) To move the completed jobs into finished goods inventory h) To sell the two completed jobs on account iii) Calculate the manufacturing overhead variance for Monticello and state the journal entries necessary to dispose of the variance. iv) What is balance on the Cost of Goods Sold account after the adjustment