Pat's Follies, Inc. uses a job order cost accounting system. On October 1 of the current year the company's inventory accounts showed the following beginning balances: Beginning Balances: Raw Materials $50,470.00 Work in Process 42,571.25 Finished Goods 31,275.00 Transactions Oct. 2 Purchased raw materials on account at a cost of $89,144.25. 3 Issued raw materials: Direct Materials of $86,722.53 and Indirect Materials of $4,878.10. 10 Incurred Factory wages totaling $109,931.50. (Ignore payroll tax withholding) 20 Charged factory labor to production as follows: Direct Labor - $68,261.93; Indirect Labor - $36,218.38. Incurred the following factory overhead costs: Social Security Taxes $6,815.75 Medicare Taxes 1,594.01 Depreciation - Building 2,450.00 21 Depreciation - Equipment 3,510.00 Repairs and Maintenance 2,670.78 Utilities 4,497.94 Property Taxes 1,022.75 Expired factory insurance 652.05 Miscellaneous Overhead 1,436.03 30 Applied estimated overhead costs to production of $68,540.15. 30 Completed jobs costing $229,400.00 were transferred to Finished Goods. 30 Finished Goods costing $222,650.81 were sold to various customers on account for $308,761.80. Other Information Selling Expenses - $28,457.54 Administrative Expenses - $35,315.84 Income Tax Rate - 15% Required . Using Excel, set up the following worksheets: General Journal Account Balances - "T" Accounts o 121 - Raw Materials o 122 - Work in Process o 126 - Finished Goods Inventory o 401 - Sales o 415 - Cost of Goods Sold o 500 - Factory Payroll Clearing 501 - Manufacturing Overhead Control Statement of Manufacturing Overhead Statement of Cost of Goods Manufactured Income Statement 2. Record each of the transactions using the chart of accounts provided in your packet. 3. Post the applicable transactions to the above accounts only. You do not need to maintain an account balance for any account not shown above. 4. Prepare the following financial statements: Statement of Manufacturing Overhead Statement of Cost of Goods Manufactured Income Statement