QUESTION 1 Sherwood Shoes Company operates a job-order cost system to accumulate costs in its manufacturing plant. The following are the summarized operations related to production for the year. Sherwood adopts a perpetual inventory system for the company. For the fiscal year ended June 30, 2021, the company had the following beginning and ending inventories: July 1, 2020 June 30, 2021 Raw materials $ 24,000 ? Work-in-process 41,000 ? Finished goods 48,000 ? Operational transactions of the year: (a) Materials purchased on account/credit... $167,000 (b) Used up prepaid insurance on factory buildings 12,200 (c) Materials requisitioned: For production 153,700 orders For general factory 2,700 use d (d) Factory labor costs used: On production 141,300 orders 12,000 For general factory purposes (e) Depreciation on factory equipment.. 37,000 (0) Paid rental expense on factory machinery. 6,100 (9) Other factory overhead costs incurred on account/credit......... 87,000 (h) Factory overhead applied, based on machine hours 155,300 (0) Jobs finished and completed... 415,300 (1) Products shipped to customers (cost of good, $412,000); sales on credit 638,000 Required: (24 ) Prepare journal entries to record the following summarized operations. marks) (ii) What amount of total actual factory overhead was consumed during the year? (6 marks) (ili) Prepare journal entry to write-off the under- or applied factory overhead to cost of goods sold. (2 marks) (iv) Based on applied factory overhead, determine the ending balance of the following accounts as of June 30, 2021: (2 a) Materials inventory marks) b) Work-in-process inventory marks) c) Finished goods inventory (2 (2 marks)