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19. During June 2020, the cost of direct materials transferred into the fabrication department of Riggs & Stratton Motors, Inc. was $640,000. Direct labor used in the fabrication dept. during June cost $210,000; and factory overhead cost applied to production in the fabrication dept. was 80% of Direct Labor Cost. The fabrication dept. had work in process (wip) inventory cost $84,000 at the beginning of June 2020, and finished product costing $740,000 was transferred to the next department, finishing, during June. Instructions: i) Complete Journal Entries in parts a, b, and c. ii) Answer d. a) Journal Entry for Direct Materials Cost transferred into the fabrication department: b) Journal Entry or entries for the Conversion Cost incurred by the fabrication department: c) Journal Entry for the cost of finished product transferred to the finishing department: d) Calculate the balance in the WIP Inventory-Fabrication account (ending Work in Process Inventory cost at the end of June 2020). Indicate debit or credit with your answer. 20. Nimoy, Inc. needs a forecast (budget) income statement for July 2020. The company sells one product at a single price per unit Instructions: a) Prepare a forecast Income Statement using the following format. Make up your own numbers. Total Sales Revenue (???? units) $???? -Variable Costs $???? =Contribution Margin $???? - Fixed Costs $???? =Net Income $7222 b) Calculate your Contribution Margin (CM) Ratio (round to 0.00 or 00.0%). c) Calculate your break-even point in Sales Units (round to the nearest unit). d) Calculate the required Sales Units to achieve a Target Profit of $????. Make up your own Target Profit different than your Net Income in part a) (round to the nearest unit). e) Calculate the Margin of Safety percentage (ratio) at your forecast Sales Revenue (round to nearest 00.0%)