Question 3 (25 marks) Part A (13 marks) Boeing is an American multinational corporation that designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, telecommunications equipment, and missiles worldwide. On May 1, 2019, the general ledger for Boeing contain the following data ($ Million). Raw Materials Inventory $1,400 Work in Process Inventory $7,410 Subsidiary ledger data for Work in Process Inventory on May 1 are as follows: Job Cost Sheets Customer Job Cost Element India Italy Australia Direct materials $960 1,300 830 470 570 400 Direct labor Manufacturing overhead 940 1140 800 $2,370 $3,010 $2,030 During May, raw materials purchased by cash were $5,300, and all wages were on account. Additional overhead costs consisted of depreciation on factory building on account $450, factory utilities on account $370, factory property taxes on account $690, factory insurance expenses $130 incurred on account. A summary of materials requisition slips and time tickets for May shows the following. Customer Job Materials Requisition Slips Time tickets India $450 $750 170 Dubai 260 Italy 480 640 Australia 550 630 1,740 2,190 General use 1,300 990 3,040 3,180 Question 3 (Continued) Part A (13 marks) Overhead was charged to jobs at the same rate of 200% of direct labor cost. The airplane for customers India, Italy, and Australia were completed during May and sold for a total of $37,000 (India: $18,000; Italy: $11,000; Australia: $8,000). India and Australia paid in full while Italy did not pay yet. Required: (a) Journalize the May transactions: For purchase of raw materials, and factory labor costs incurred. Manufacturing overhead costs incurred. Assignment of materials, labor, and overhead to production. Completion of jobs and sale of goods. (iii) (iv) (10 marks) (b) Post the entries to Work in Process Inventory