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P5-7 Ledger Accounts deer Accounts Covering Cost Accounting Cycle and Job Order Cost Accumulation The books of Torrent Company show the following accouni balances as of March 1: Finished Goods.... ..... $78,830 Work in Process 292,621 Materials ...... 66,300 Over- or Underapplied Factory Overhead 12,300 (Cr.) The work in process account is supported by the following job order cost sheets: Direct Direct Factory Job Item Materials Labor Overhead Total 204 80,000 Balloons $ 15,230 $ 21,430 $13,800 $ 50,460 205 5,000 Life rafts 40,450 55,240 22,370 118,060 206 10,000 Life belts 60,875 43,860 19,366 124, 101 $116,555 $120,530 $55,536 $292,621 During March, the following transactions occurred: (a) Purchase of materials, $41,000. (b) Purchase of special materials was $5,800 for new Job 207, which calls for 4.000 life jackets. (c) Indirect labor cost was $12,480. Direct labor was as follows: Hours Amount $26,844 22,750 28,920 3,355.5 3,250.0 3,615.0 2,910.0 20,370 (d) Materials issued: Job 204.. $ 9,480 Job 205.... 11,320 Job 206 10,490 Job 207 16,640 "Excluding $5,800 of special materials, which are also issued at this time (e) Other factory overhead incurred or accrued (for brevity, credit the entire amount to Various Credits): Insurance on Factory Tax on Real Estate.. Depreciation Machinery ................ Depreciation Factory Building ......... Light............... Coal Used........... Power....... Repairs and Maintenance........ Indirect Supplies .... Miscellaneous .................... $ 830.00 845.00 780.00 840.00 560.00 1,810.00 3,390.00 2,240.00 1,910.00 15,256.87 (1) Factory overhead is applied at the rate of $2.30 per direct labor hour. An app tury overhead account is used and is then closed to the overhead contra (8) Job 204 was shipped and billed at a contract price of $117.500. Required: ect labor hour. An applied fac- od entering transactions for y Construct ledger accounts, inserting beginning balances and em March. (Factory overhead incurred is to be posted to th Factory overhead incurred is to be posted to the control account only 1) in itemized form, compute the total cost of each ich at the end of Me (3) Determine the amount of over- or underapplied factory overhead control account. PRATI of each job at the end of March erhead remaining in the