On November 1, the Trail Balance for Nevada Company showed the following balances: Cash Accounts Receivable Finished Goods Work in Process Materials $20,000 25,000 9,500 4,500 10,000 Machinery Accounts Payable Accrued payroll Common Stocks Retained Earnings 30,000 $15,500 2,250 60,000 21,250 For the November, the following transactions occurred: a) Materials purchased on account, $49,000. b) Direct materials of $29,000 were requisitioned, along with indirect materials of $9,500. c) Payroll paid $85,000 after deduction of 8% Income Tax and 7% FICA tax. The liability for employer payroll taxes includes similar rate of FICA tax and 3% Federal Insurance. The payroll consisted of 15% office salaries, 10% sales salaries, and 27% indirect labor. d) Factory overhead is applied at a rate of 105% of direct labor cost. e) Expenses incurred on repairing machinery amounting to $ 14,600. f) Materials costing $1,265 were defective and were returned to the supplier g) Payments made to vendors on account, $31,500 h) Various factory overhead expenses totaled $12,500, including $1,400 depreciation on factory machinery and $ 2,600 on expired insurance cost for the month. Cash overhead are still payable. i) Work in Process in hand on Nov 30 is 15,500. j) Finished Goods in hand on Nov 30 is 21,000. Goods have been sold for 30% markup on sales prices. Required: Prepare Journal entries for above transaction and the two Factory Overhead Accounts, the transfer of over or under applied FOH and closing of FOH account