Part two Numerical Cases: ABC Co. is a furniture manufacturing company specializing in office furniture. On June 17, 2020.XYZ Company placed an order with ABC co. for a large custom-made conference table at total price $ 54320. XYZ co wants the shipment before July 10, 2020. Selling & Administrative expense is 6% of the sales. The following information relates to job no. 85: 1. On July 3,2020 ABC Co. purchase material with S 22,000 (Not all material will be used for job 85 and the payment at a later date Number of Material 5600 sheets mahogany Price/Material 54 340 35 17 $7/Gallons stain SI2 cases of glue 70ails 2- On July 3 the production department recursions the fowling material and began work on job 85. Direct Material for Job 85: 10 sheet of mahogany at $500 and indirect materials were as follows: 20 Stain gallons at $5,2 Glue case at $20, and 2 Nails case at $40 3. The production department incurred the following payroll cost for the week ended July 7, 2020 (July 3.2020-July 7, 2020). Direct labor for Job 73 is $600, Direct labor for Job 85 is $8800, indirect labor is S2000 4. The production department incurred other factory overhead costs amounting ended July 7, 2020 as following: Accumulated Dep. Machinery is $440, Accumulated Dep. Factory is $580. Utilize payable is $980, and Miscellaneous payable is $2000. 5. Factory overhead was applied at a rate of 75% of direct labor cost of Job 85. Required: a. Journal entries and T-Accounts for all the transactions b. Prepare the income statement based on your findings Part three