PROBLEM ONE Wright Furniture assembles custom furniture. Manufacturing overhead is allocated at a rate of $3 per machine hours. Note that in this problem DM & Supplies Inventory is maintained in the Raw Materials stockroom. Supplies when issued from the stockroom are Indirect Materials. The following information is available: Raw materials 1/1/19 $ 15 Materials & supplies purchased* Work in process 1/1/19 5 Direct labor* Finished goods 1/1/19 10 President's salary* Direct materials used* 145 Factory supplies used* Depreciation on plant* 19 Indirect factory labor used* Utilities on the factory * 13 Utilities on showroom floor* Sales** $475 Finished goods 12/31/19 Raw materials 12/31/19 ??? Work in process 12/31/19 Salesperson salary* 25 Property taxes, administration bldg.* Manufacturing overhead allocated, 21 actual machine hours* ?? $175 100 36 10 32 35 8 17 5 REQUIRED: Prepare the journal entries for the above information (15 journal entries each "*"' requires an entry as well as the entry for the Cost of Good Manufactured). This problem does not require a balance sheet so credits in certain JE's can be made to Cash or A/P or Wages Payable Show the journal entry to close the over-or-under applied overhead to cost of goods. Prepare a cost of goods manufactured statement in good form. Prepare a cost of goods sold statement in good form. Prepare an income statement in good form