Problem 3 ABC Company is producing one product and had the following transactions in the month of October: Purchased raw materials on account from a supplier for $25,000 Paid the supplier for the raw materials Requisitioned the raw materials from the stockroom to the manufacturing floor to start production Incurred $12,500 in direct labor costs associated with production Incurred $12,500 in manufacturing overhead cost associated with production Completed production of its product and moved the product from the manufacturing floor to the shipping dock Sold the product to a customer on account for $100,000 Customer paid the invoice A. Prepare the T-Accounts and journal entries for the transactions above (use the following accounts - raw material inventory, accounts payable, work-in-process inventory, accrued salary, finished goods inventory, accounts receivable, sales, inventory, cost of goods sold and cash B. Calculate the gross profit for ABC Company based on the sale of the product described above mus (10 Pointe