PROBLEM 3.9 Preparing Journal Entries: TAccounts: Cost Flows (L04 - CC8; L06 - CC12:107 CC14:LOB-CC18) All Products, Inc. w poder costing system. The company's w balance on April 1, the start of its fiscal yes, were stilom CHECK FIGURES 3 Undersoplied by 4 $23.000 ki materials 552.000 40000 Work in process Finished poods 38000 During the year, the following transactions were completed: Raw material were purchased on account, 5170,000 bu Raw materials were issued from the store for the in production, 5200,000 B direct and 20% indir Employee salaries and was were accrued as follow direct labour, $200,000, indirect labor, SL welling and administrative salaries, S120.000 Utility costs were incurred in the factory, 575.000 Advertising costs were incurred, S90,000 Prepaid insurance expired during the year. $20,000 (705 related to factory operations, and 30% sells selling and administrative activities) Depreciation was recorded. S150.000 (80% related to factory assets and 2015 related to selling Manufacturing overhead was applied to jobs at the rate of 160% of direct labour cost. Goods that cost $700.000 manature coming to the chose pod warehouse Sales for the year old S1,000,000 were all the according to their job cost sheets 5720.000 Required: 1. Prepare journal entries to record the transactions for the you 2. Prepare T-accounts for raw materials, work in process, finished poodi, mingwa goods sold. Post the appropriate parts of your journal entries to these Taccommit In each account. Do not forget to enter the beginning balances in the next 3. Is manufacturing overhead underapplied or overapplied for the you? Prepare analyse balance to cost of goods sold 4. Prepare an income statement for the year. (Do not prepare a schedule of cost of productum the information needed for the income statement is available in the journal entries and to you are prepared.)