Part 1: Below is the company Information that you will use in completing Part 1. The requirements are listed after this company information and you should provide your solution below each of the requirements. Sheds, Inc. designs and builds sheds and outbuildings for individual customers. The company uses a job cost system and treats each customer's order as a separate job. At the beginning of January the company had the following raw material inventory: At the beginning of January the company had the following work-in-process inventories: Job 21 Job 24 $1,000 $3,000 $400 During January, the following activities took place: 1. Started jobs 26 and 27. 2. Purchased raw materials in January: $10,000 Requisitioned (or used) the following raw materials to the specific jobs: Job 21 Job 24 Job 26 Job 27 3. Incurred January manufacturing payroll: Direct Labor Job 21 Job 24 Job 26 Job 27 Indirect labor $1,500 $3,000 $2,000 $1,000 $800 $2,000 $900 $1,600 $500 4. Incurred additional manufacturing overhead costs for January: Production equipment rent Manufacturing supplies purchased and used $600 $500 Factory utilities $300 5. Applied manufacturing overhead using a predetermined rate based on predicted annual overhead and predicted annual direct material cost as follows: Predicted Annual Overhead Predicted Annual Direct Material cost 6. Completed jobs 21 and 26 in January. $25,000 $100,000 7. Customer for Job 26 picked up completed job and was billed the following: Job 26 7,000 8. The company had the following period costs that they incurred: Sales commissions Administrative salaries $1,000 $1,200