Problem 1 Production Cost Journal Entries and T-Accounts (part 1 of 2 Record the following transactions in the general journal below and post toT-accounts on the fob 16 points lowing page Raw materials purchased on account, $211,000 Raw materials used in production, $190,000 (all direct materials) Utility bills incurred on account (100% related to factory operations), $105SI0. Accrued salary and wage costs: Direct labor (2,400 hours) a, b. C. d. $49,000 $21,000 Indirect labor Factory maintenance costs incurred on account, $130,000 fThe company applies manufacturing overhead cost to production using a predetermined rate of $110 per direct labor-hour. (see d., above) & Jobs costing $512,000 according to their job cost sheets were completed during the period and transferred to Finished Goods. e, h. Jobs that had cost $449,000 to complete according to their job cost sheets were shipped to cus tomers during the month. These jobs were sold on account for $619620 Prepare journal entries to record the transactions given above. Transaction Credit Debit General Journal Raw materials 211,000 a. 11 000 Accontcnauabla Problem 1 Production Cost Journal Entries and T-Accounts (part 2 of 2) Post relevant data from the journal entries on the previous page to the T-accounts below. Beginning balances are posted for you. Raw Materials Work in Process Beg. Bal. a. 40,000 211,000 36,000 Beg. Bal End. Bal Finished Goods End. Bal. Beg. Bal 70,000 Manufacturing Overhead End. Bal Cost of Goods Sold End. Bal End. Bal