Prepare journal entries and T-accounts to assign the preceeding costs to jobs. transfer over-or-underapplied overhead to COGS. assuming selling and administrative expenses were $40,000, prepare an income statement for 2019

Company uses a job cost system to account for its jobs, which are prefabricated houses. As of January 1, 2019, Its records showed Inventories as follows Materials WIP (Job Nos. 102 and 103) Finished goods (Job No.101) $25,000 $82,000 $82,000 The WIP Inventory consisted of two Jobs: Job No. 102 Direct materials $11,000 $12,000 $23,000 Direct labor $16,000 $13,000 $29,000 OH $12,000 $18,000 $30,000 Total $39,000 $43,000 $82,000 Cost and sales data for 2017: 1 Materials purchased on account $210 000 2 Direct materials used: Job No. 102 $75 000, Job No. 103 $52 000. Indirect materials used, $6000 3 Direct labor costs: Job No. 102 $50 000, Job No. 103 $82 000. Indirect labot costs, $37 000 4 Overhead is assigned to jobs at $75 per machine-hour, Job No. 102 used 500 m/h, Job No.103 900 m/h. 5 Job Nos. 102 and 103 were completed and transferred to Finish Goods Inventory. 6 Job Nos. 101 and 102 were sold for $386 000, total. 7 MOH costs incurred, other then indirect materials and indirect labor, were depreciation, S47 000, and heat, light, power, miscellaneous, $22 000